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Due diligence on IDBI-IDBI Bank merger by month end
NEW DELHI,
DEC. 23.
KPMG and Khimji are carrying out the due diligence for the merger of IDBI and IDBI Bank and they are likely to submit their report by December end.
"Consultants KPMG and Khimji are carrying out the due diligence on the merger,'' sources said, adding that it would be completed by December end. After conversion into a commercial bank, IDBI had decided to merge its private banking arm with itself. IDBI plans to merge the retail banking branches of IDBI Bank with itself to expand its reach.
The IDBI Chairman, M. Damodaran, had earlier said that the swap ratio for the merger between IDBI and IDBI Bank would be worked out by early January.
He had suggested that the merger would create an entity that would be comparable only with State Bank of India.
IDBI is also slated to take over the ailing Industrial Investment Bank of India.
The Finance Ministry had sounded out IDBI about the desirability of taking over IFCI, but that has yet to be made formal as Punjab National Bank was short listed earlier to take over the Delhi-based ailing FI.
Industry sources said IDBI might also consider taking over IL&FS, which was promoted by erstwhile UTI.
PTI
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