Given BoRs history and the regulators discomfort, was there an element of prodding by RBI as well?
This is really a voluntary merger that we have initiated and not done under any pressure. Did RBI broach the issue with you at any point of time? No, as I said, it’s a voluntary merger, so it is we who came up with the thought. Wouldn’t some of the old-generation private banks have come cheaper? First, in case of old private sector banks, market capitalisation per branch on an average is Rs 6.5 crore and that’s what we have paid. Second, it’s not a question of any bank. It is where you want to add to your network. In the past, we have done mergers and acquisitions in the South and added to our network there. There are concerns about the bad debts that BoR may have on its books. So, are the concerns justified and will it affect ICICI Bank’s non-performing assets (NPA) reduction strategy? Over the past few days, we have done due diligence on the bank’s books and it has given us a pretty satisfactory report. I don’t think our NPA percentages will go up on account of this merger. Where do
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