Media reports suggesting a probable takeover of Mangalore based Karnataka Bank by other private players ICICI Bank and Kotak Mahindra Bank have been denied by all the three parties unanimously.
Recently, the private sector bank, Karnataka Bank was in news in some sections of media as being the target of as takeover by the two banks. Karnataka Bank denied any such moves in an announcement made on the National Stock Exchange yesterday.
The Managing Director of the bank, P. Jayaram Bhat also dismissed these as rumors. Just a few months ago, media reported that Kotak Mahindra Bank may acquire Karnataka Bank, news which was refuted by Karnataka Bank at that time also. Then, yesterday a publication reported that ICICI Bank was considering the Mangalore based bank's acquisition.
All three banks have reportedly denied the reports as rumors.