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Tuesday, Oct 31, 2006

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Money & Banking - Mergers & Acquisitions
Bharat Overseas merger by fiscal-end

Our Bureau

Mumbai, Oct. 30

The merger of Bharat Overseas Bank with IOB is likely to be complete by the end of this fiscal, Mr Narayanasami said.

The first stage of acquiring shares from other stakeholders is complete and the merger will form the second stage. "We have applied to the regulatory authority of Bangkok for transferring the licence of Bangkok branch of BhOB in our favour," he said.

BhOB is now a 100 per cent subsidiary of IOB. The other stakeholders in BhOB are Bank of Rajasthan, Vysya Bank, Federal Bank, Karur Vysya Bank, South Indian Bank and Karnataka Bank. The merger will add 103 branches to IOB's network taking the total to 1,650.

"The advantage is that our growth pace will improve. We are getting a ready network without any gestation period."

More Stories on : Mergers & Acquisitions | Public Sector Banks

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