Bank of Madura
Bank of Madura was a
ATM centres spread across around 100 cities in India. The bank merged with ICICI Bank Limited, under Section 44A of the Banking Regulation Act, 1949, under the leadership of Chairman K.M. Thiagarajan. The Bank had roughly 44 billion INR in assets at the time of the merger, not accounting for inflation.[1] The Reserve Bank of India approved the merger effective 10 March 2001. It was headquartered at Madurai
.
The parties involved and news outlets alike described the merger as a positive strategic move. Bank of Madura shareholders approved the merger on 19 January 2001.[2] Following the merger the Bank of Madura's share price initially rose sharply.[2]
See also
- Indian banking
- Economy of Tamil Nadu
References
- ^ a b Paul, Justin (September 2003). "Bank of Madura Merger with ICICI Bank: An Analysis".
{{cite journal}}: Cite journal requires|journal=(help) - ^ a b "ICICI Bank, Bank of Madura boards approve merger - Times of India". The Times of India.
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