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HomeকলকাতাRBI Approves Merger of Fincare Small Finance Bank with and into AU...

RBI Approves Merger of Fincare Small Finance Bank with and into AU Small Finance Bank

News Hungama:

 RBI Approves Merger of Fincare Small Finance Bank with and into AU Small Finance Bank
 All-stock merger with shareholders of Fincare SFB to receive 579 equity shares in AU SFB for every 2,000 equity shares held in Fincare SFB
 Merger to Leverage Complementary Geographic Footprint and Product Basket, Creating a Pan-India Retail Banking Franchise
Kolkata, March 05, 2024: The Reserve Bank of India (RBI)  approved the merger of Fincare Small Finance Bank Limited (“Fincare SFB”) with and into AU Small Finance Bank Limited (“AU SFB”). This merger marks a significant milestone in the Indian banking sector, creating a formidable entity with a combined customer base of over 1 Crore, over 43,500 employees, and a network of over 2,350physical touch points across 25 states and union territories, with deposit base of₹89,854 Crore and Balance Sheet Size of₹1,16,695Crore as on December 31, 2023.
On October 29, 2023, the Board of Directors of both AU SFB and Fincare SFB had approved the merger, and the ‘Scheme of Amalgamation’ was later approved by their respective shareholders at their meetings on November 27, 2023, and November 24, 2023, respectively. On January 23, 2024, the proposed merger scheme also received the approval of the Competition Commission of India (“CCI”) under the provisions of Section 31(1) of the Competition Act, 2002.
With the RBI’s approval, Fincare SFB will merge into AU SFB effective from 1st April 2024 and shareholders of Fincare SFB will receive shares of AU SFB in exchange for their shares in Fincare SFB at the approved share swap ratio. All employees of Fincare SFB will become part of the AU SFB family.
Commenting on the merger, Mr.Sanjay Agarwal, Founder,MD &CEO of AU Small Finance Bank, said, “We are extremely grateful to the Government of India and the Reserve Bank of India for reposing their faith in us. This merger will allow us to participate in our Honourable Prime Minister’s vision for the ‘Amrit Kaal’ and India’s dream of becoming a ‘Viksit Bharat’ by 2047. The approval adds further responsibility on us,as custodians of public trust, and we are committed to continue building a sustainable and inclusive Bank and empower the unserved and underserved segments of society to take part in India’s economic growth. Combining the complementary products and geographic footprints of both the banks will make us a true pan-India deposit and assets franchise, underscoring our commitment to financial inclusion and creating a more robust and efficient bank. We are excited about the opportunities it presents for growth and innovation and committed to delivering enhanced value and service to our customers and all stakeholders”.

 

Mr. Rajeev Yadav, MD & CEO of Fincare Small Finance Bank, added, “The merger with AU SFB marks a new chapter for our organization. It is a transformative merger between two successful and well-respected banks, both known for their industry-leading growth and profitability. We believe that by joining forces, with the synergy and complementary strengths of the two entities, we will be well-positioned to serve customers in a sustainable manner in the coming years.With an expanded product portfolio, wider market coverage, and a formidable blend of professional expertise and entrepreneurial spirit, the merged entity is poised to deliver exceptional value to its customers, a fulfilling and rewarding careers for all its employees and value augmentation for all our stakeholders.”

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