Jobs of BoR employees safe: ICICI

ICICI Bank, on Sunday, said jobs of over 4,000 employees of Bank of Rajasthan, which it is acquiring, are safe and that there would be no layoffs or discrimination against its new staff members.

“Whenever we do a merger and acquisition, we treat the employees of the acquired bank as a part of our family...we will take care of  BoR employees as our own employees—we are not here to retrench people,” ICICI Bank Managing Director and CEO Chanda Kochhar told PTI. ICICI Bank, had in the past acquired Bank of Madura and Sangli Bank and there had been no retrenchments even then.

Last week, the boards of ICICI Bank and BoR approved the merger through a share swap ratio which values the latter at about Rs 3,000 crore.