Union Bank of India, a commercial bank, is interested in acquiring Andhra Bank, a provider of banking and financial services. Both the entities are based in India.
Based on the closing price of Andhra Bank common stock of INR113.45 ($2.46) per share on November 19, 2009, the bank is estimated to be worth INR 55,023.25 million ($1,191.3 million). Reportedly, Punjab National Bank is also interested in acquiring Andhra Bank.
Earlier on November 18, 2009, The Ministry of Finance held preliminary talks for consolidation among public sector banks in India.
SBI Says Loan offtake poor Loan offtake at the country’s largest lender, State Bank of India was “bad”, said Managing Director SK Bhattacharya.
“We have been sanctioning loans like mad, but there has been no pick-up (in disbursals),” Bhattacharya said.
“We are not able to understand why,” he added.
It was only the re...
Deutsche pitches for 25% growth in retail loans Deutsche Bank, a relatively new entrant in retail banking, is expecting a 25 per cent growth in retail loan portfolio this financial year as it increases focus on mortgage lending.
Over the next five years, the bank expects retail banking to account for 15 per cent of the business as against 7-8 ...
Caution is key word at banks as NPAs fly Banks’ non-performing assets have shot up nearly 30% at the end of calendar 2009 from a year ago due to stress in many sectors and farm loan waiver, indicating sharply lower profits for banks and possibility of curbs on exposure to sectors that have contributed to the bad assets.
In a reply to th...
AB RETAIL TO ROPE IN INVESTOR Kumar Mangalam Birla’s retail venture, Aditya Birla Retail, is reportedly open to roping in a financial investor to fund its expansion plans. Even though the company declined comment, it is learnt from sources that the firm is not averse to diluting its equity by about 10% to a sleeping partner. How...
BPTP PLANS RS 1,500 CR IPO IN EARLY 2010-11 Real estate developer BPTP today said it plans to rise around Rs 1,500 cr through an initial public offer (IPO) by early 2010-11
“We have applied to the Securities and Exchange Board of India (Sebi) for approval. We hope to launch our IPO of Rs 1,500 cr early next fiscal,” BPTP Managing Directo...
