'Post Syndicate, Canara merger turnover to be ₹15L cr'

The Canara Bank and the Syndicate Bank, set to be merged as part of the Centre's mega consolidation plan for banks, would become one entity from April next year and their combined turnover will be Rs 15 lakh crore, a top official said on Wednesday.

Canara Bank Chairman T N Manoharan said his bank was having a business of Rs.10 lakh crore and the Syndicate Bank Rs.five lakh crore. Post merger, the Canara Bank will have a total of Rs.15 lakh crore turnover, he told reporters here.

On the impact of economic slowdown, he said credit growth was slow and steady. Though there was decline in the corporate lending, banks were shifting focus to retail lending and also other sectors like automobile, housing and personal loans, Manoharan, who was here to deliver a lecture, said.

The government has announced merger of ten public sector banks into four as part of plans to create fewer and stronger global-sized lenders as it looks to boost economic growth.