“We have applied to RBI, which is processing the application (for merger of BoR with itself),” ICICI Bank CEO and Managing Director Chanda Kochhar told PTI.
It would be inappropriate to guess the time for the arrival of the approvals, she said. In May, both the banks agreed for the amalgamation and after getting shareholders nod moved to RBI on June 25 for approval of scheme of merger.
Post-regulatory approvals, this would be the third acquisition by ICICI Bank. Way back in 2001, it acquired Bank of Madura, while Maharashtra-based Sangli Bank was amalgamated in 2007.
Published 08 August 2010, 16:25 IST