1. You Are At:
  2. English News
  3. Business News
  4. Post merger of Syndicate Bank, Canara Bank turnover will be Rs 15 lakh crore: Chairman

Post merger of Syndicate Bank, Canara Bank turnover will be Rs 15 lakh crore: Chairman

Canara Bank Chairman T N Manoharan said his bank was having a business of Rs.10 lakh crore and the Syndicate Bank Rs.five lakh crore. Post merger, the Canara Bank will have a total of Rs.15 lakh crore turnover, he told reporters in Coimbatore.

PTI PTI
Coimbatore Updated on: December 04, 2019 19:22 IST
Post merger of Syndicate Bank, Canara Bank turnover will be Rs 15 lakh crore: Chairman
Image Source : PTI

Post merger of Syndicate Bank, Canara Bank turnover will be Rs 15 lakh crore: Chairman

The Canara Bank and the Syndicate Bank, set to be merged as part of the Centre's mega consolidation plan for banks, would become one entity from April next year and their combined turnover will be Rs 15 lakh crore, a top official said on Wednesday. Canara Bank Chairman T N Manoharan said his bank was having a business of Rs.10 lakh crore and the Syndicate Bank Rs.five lakh crore. Post merger, the Canara Bank will have a total of Rs.15 lakh crore turnover, he told reporters in Coimbatore.

On the impact of economic slow down, he said credit growth was slow and steady. Though there was decline in the corporate lending, banks

were shifting focus to retail lending and also other sectors blike automobile, housing and personal loans, Manoharan, who was in Coimbatore to deliver a lecture, said.

The government has announced merger of ten public sector banks into four as part of plans to create fewer and stronger global-sized lenders as it looks to boost economic growth.

Also Read: SBI okays to dilute 8.25 per cent stake in UTI AMC initial public offer

Also Read: Nokia Chairman Risto Siilasmaa to step down in April

Write a comment