Federal Bank, CSB merger is off

Federal Bank, which has been discussing the merger proposal with CSB for over a year now had appointed KPMG as a consultant to take the deal ahead. After the due-diligence KPMG valued CSB at around Rs 400 crore.

Following this, Federal Bank made an offer to the local competitor late last year. However, CSB board, which met last week, did not find the valuation attractive.

CSB, which has deposits over Rs 6,000 crore, has been approached by another party from the middle-east for a possible take over, which has valued the lender at around Rs 750 crore, a top CSB official pointed out.

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