On October 30, AU Small Finance Bank (AU SFB) announced its merger with Fincare Small Finance Bank, effective from February 1, 2024. The merger awaited approvals from critical stakeholders, including shareholders, the Reserve Bank of India (RBI), and the Competition Commission of India (CCI).
The CCI, in its meeting on January 23, 2024, approved the proposed combination, as communicated by AU SFB in a regulatory filing. However, the merger is contingent upon the RBI’s approval.
The merger aims to capitalize on a complementary branch footprint, establishing a nationwide small finance bank. Portfolio diversification, particularly through access to microfinance businesses focusing on rural and financial inclusion, is identified as a significant advantage.
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