ICICI awaits RBI nod on BoR merger

Aug 09, 2010 |

Correspondent

ICICI Bank is awaiting the RBI’s approval for acquiring Bank of Rajasthan and would initiate the process of integration once the regulatory clearances are received, a top official of the bank said. “We have applied to RBI and RBI is processing the application ,” ICICI Bank CEO and Managing Director Ms Chanda Kochhar said. It would be inappropriate to guess by when approvals would come, she said.In May, both the banks agreed for the amalgamation and after getting shareholders nod moved to RBI on June 25 for approval of scheme of merger. Post-regulatory approvals, this would be the third acquisition by ICICI Bank.

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