Axis Bank denies plans of acquiring regional bank
By Neelima Shankar
Jun 1, 2010
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Axis Bank, the third largest private sector bank of the country has denied of having any plans to take over a regional bank.

"In the interest of investors, the bank clarify that these rumours (acquiring a regional bank) are completely unfounded and are not correct," the bank quoted in a clarification to the Bombay Stock Exchange.

It said that it understands that there are rumors of it acquring a regional bank.

Recently, the largest private sector lender, ICICI Bank has decided to merge with the troubled Bank of Rajasthan. The merger has been valued at Rs. 3000 crore through share exchange ratio.

After this merger, the branch strength of ICICI Bank would reach 2,500 with BoR having a strong presence and branch network of 463 branches in the western and northern parts of India. The total business of ICICI Bank would cross Rs. 4 lakh.

The branch network of Axis Bank is also quite strong with the bank having more than 1000 branches and over 4,055 ATMs under its umbrella.



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