Ms Chanda Kochhar, Managing Director & CEO, on RBI approving the ICICI Bank - BoR amalgamation scheme.
August 13, 2010
We would like to thank Reserve Bank of India for its approval for the merger of Bank of Rajasthan with ICICI Bank. We would also like to thank our shareholders and the shareholders of Bank of Rajasthan for their support. The merger creates a good strategic fit, combining ICICI Bank's capital base and product suite with Bank of Rajasthan's branch network. With this ICICI Bank will have a branch network of about 2,500 branches, by far the largest among private sector banks. This will position the Bank well to capitalise on the growth opportunities in the Indian economy.