Thursday, May 6, 2010

Bank of Rajasthan might be acquired by ICICI Bank

India’s second largest bank, ICICI Bank,is looking forward to own stakes in Bank of Rajasthan. On May 6, 2010, The Economic Times reported that ICICI Bank will buy stakes in the Bank of Rajasthan from the Tayals who held about 29% stake in the bank. Bank of Rajasthan has a market value of $324 million and ICICI bank is willing to pay more than the market price. No deal has been finalized yet. Central Bank appointed a consulting firm in March 2010 to conduct a special audit of the Bank of Rajasthan.

ICICI Bank is the second largest bank of India with an estimated asset of Rs. 3,634.00 billion (US$ 81 billion) as per March 31, 2010 and profit after tax Rs. 40.25 billion (US$ 896 million) for FY ending on March 31, 2010. The bank operates through a network of 2,000 branches across India and about 5,219 ATM booths. It is also has branches in 18 countries outside India including the U.S Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai. The bank offers a wide range of banking products and financial services through its branches and various subsidiaries. The bank has subsidiaries in the U.K., Russia, Canada.

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