Indian Bank-Allahabad Bank Merger ‘Will Create A Truly Pan-india Entity'

Indian Bank will retain its USP and gather more strength and scale in the next 3-4 years, says CEO Padmaja Chunduru

- G Balachandar

Indian Bank has the metrics to be the anchor bank in its merger with Allahabad Bank, and the amalgamated entity would truly be a pan-India one, according to a top official of the Indian Bank.

“Of course, Allahabad Bank is older than Indian Bank. But Indian Bank is bigger now. If you go by numbers such as total business and assets, we are definitely higher than Allahabad. We are at least half a-lakh-crore more than them in total business,” Padmaja Chunduru, Managing Director and CEO of Indian Bank, told BusinessLine.

Industry analysts had indicated that of all mergers, the amalgamation of Indian Bank and Allahabad Bank would be challenging as Indian Bank was trading at a lower valuation and had lower market capitalization despite better performance than Allahabad Bank.