Updated January 24th, 2024 at 17:59 IST
CCI greenlights the merger of Fincare and AU Small Finance Banks
The merger plan involves the integration of Fincare and AU, where AU will stand as the surviving entity in the combined structure.
Fincare-AU SFB merger: The Competition Commission of India (CCI) has approved the proposed merger between Fincare Small Finance Bank Limited (Fincare) and AU Small Finance Bank Limited (AU). The merger plan involves the integration of Fincare and AU, where AU will stand as the surviving entity in the combined structure. Following the completion of the merger, shareholders of Fincare will receive allocated shares in the merged entity.
AU Small Finance Bank offers an array of personal and commercial banking services. Its comprehensive offerings include deposit services, loans and advances, debit and credit card services, institutional banking, and digital banking services. Additionally, AU holds the esteemed AD-II bank category license for foreign exchange transactions. The bank is also actively involved in ancillary functions such as the distribution of insurance and investment products like mutual funds and portfolio management services.
Fincare Small Finance Bank primarily specialises in deposit services, encompassing savings accounts, current accounts, fixed deposits, and recurring deposits. The bank extends its reach into lending services, catering to retail and microfinance loans. Fincare also plays a significant role in the digital banking space, offering modern banking solutions to its clientele. Additionally, the bank provides miscellaneous services, including the distribution of insurance products.
Published January 24th, 2024 at 17:59 IST