Merger Announcement: AU Small Finance Bank and Fincare Small Finance Bank

AU Small Finance Bank has merged with Fincare Small Finance Bank, marking a significant consolidation in the banking sector. The merger, finalized on April 1, 2024, through an all-stock deal, strengthens AU SFB’s presence in South India and enhances its customer base and distribution network.

Key Points

1. Merger Details

   • Fincare SFB shareholders received 579 equity shares in AU SFB for every 2,000 equity shares held.
   • RBI granted final approval on March 4, 2024.

2. Impact and Benefits

   • Enhanced access to South India market.
   • Combined customer base of approximately 1 crore, with 43,500 employees.
   • Expanded network of 2,350 physical touchpoints across 25 states and union territories.
   • Deposit base of Rs 89,854 crore and balance sheet size of Rs 1,16,695 crore.

3. Integration Plan

   • Focus on seamless integration within the next 9-12 months.
   • Priority on delivering exceptional banking services and value to customers.

4. Customer Service Assurance

   • Dedicated task force established for seamless transition.
   • Call centers equipped to address all customer queries effectively.

5. Leadership Statement

   • Shared vision to redefine banking excellence in India.
   • Gratitude to Government of India, Reserve Bank of India, and regulatory authorities for support.