Shareholders of ICICI -BoR to meet today for merger approval
By Neelima Shankar
Jun 21, 2010
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Employees of Bank of Rajasthan are again going for a strike from today opposing the merger of the bank with the largest lender of the country, ICICI Bank. The strike would last for three days.

The strike from employees comes at a time when the shareholders of both companies would meet to approve the merger proposal. The employees had earlier gone for a two day strike opposing the merger.

Employee unions claim that the strikw would garner the support of more than 4000 employees in 460 branches of the bank.

The employee unions say that they are opposing the merger as it would destroy the identity of one of the oldest private sector banks of the country.

"The strike will be complete in all the branches of BoR and we have the support of all employees of the BoR. This merger is against the interests of BoR employees and will not benefit the BoR," All India Bank Employees Association Secretary Vishwas Utagi said.

It is expected that the merger would be strengthening the branch network of ICICI Bank even further.

ICICI Bank MD & CEO, Chanda Kochhar said the deal "is a win-win situation for the shareholders" but BoR promoter P K Tayal would not be incorporated as a member of the new board.



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