India’s second largest Private sector Bank – ICICI again in the queue of acquiring other banks. The Bank will acquire Bank of Rajasthan. It would be the 3rd acquisition by ICICI bank in the last decade.Chanda Kochhar who is the ICICI Bank MD & CEO talks to ET, “We have reached an indicative pricing with the promoters on a swap ratio of 25:118. (A BoR shareholder will receive 25 ICICI shares for every 118 BoR shares held.) This is, however, subject to due diligence. Our understanding of the strategic value is that it would have taken us three years to build the current account and savings account relationships. Also, the...
Dhanalakshmi Bank Hikes 25 Basis Points Term Deposit Rates
Recently, the most popular Kerala-based bank – Dhanalakshmi announced a 25 basis points increase on its domestic term deposit rates. The term is effective now across all maturities.In a press release it is said that the new rate are applicable for all domestic term deposits below and including Rs 1 crore across all tenures.Economictimes.indiatimes.com, an online news portal about economy and business, quotes the release, “Deposit of up to Rs 1 crore will be offered 6.5 per cent for one-year maturity. For deposits from ranging from 366 days to two years, 7.25 per cent, above two years up to five year maturities, the bank will...
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