KPMG to submit report on CSB-Federal Bank merger
Private lender Federal Bank on Friday said that it was expecting to get report from consultancy firm KPMG, entrusted with the job of carrying out due diligence of Catholic Syrian Bank (CSB) for the purpose of merger with it, in the next ten days.
“We are hoping that it (KPMG) will submit its report on financial due diligence of CSB involving the process of ascertaining swap ratio and pricing in the next ten days,” Bank’s Managing Director and CEO M Venugopalan told reporters here.
“After receiving the due diligence report, the bank will further seek approval from its shareholders and RBI,” he said. The Federal Bank has proposed to merge with CSB and it has entrusted the job of conducting due diligence of CSB to KPMG. The merger with CSB will further consolidate the position of Federal Bank.
