CURRENT AFFAIRS
CURRENT AFFAIRS
Description
On October 30, AU Small Finance Bank (AU SFB) announced a merger with Fincare Small Finance Bank, effective February 1, 2024. The merger sought clearance from key parties such as shareholders, the Reserve Bank of India (RBI), and the Competition Commission of India (CCI).
CCI Approval Granted
The CCI authorized the proposed merger during its meeting on January 23, 2024, as notified by AU SFB in a regulatory filing. However, the merger is subject to the RBI's permission.
Key Conditions And Developments
The merger was subject to a number of conditions, including shareholder approval, regulatory permission from the RBI and CCI, and a Rs 700 crore capital infusion by Fincare SFB founders.
Fincare SFB's Managing Director and CEO will become AU SFB's Deputy CEO, strengthening leadership synergy.
Divya Sehgal, a current director on the Fincare SFB board, will join the AU SFB board, further strengthening the leadership team.
Strategic Rationale
The combination hopes to leverage on complementing branch footprints and create a national small finance bank. Portfolio diversification, particularly through access to microfinance enterprises that focus on rural and financial inclusion, is regarded as a key advantage.
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