From August 13, all branches of Bank of Rajasthan (BoR) will function as branches of ICICI Bank. This is after the Reserve Bank of India approved the merger of Bank of Rajasthan with ICICI Bank on August 12.
Both the banks agreed to merge after getting shareholders nod on June 25. ICICI Bank agreed to take over Bank of Rajasthan in a share-swap deal that valued the Udaipur-based bank at over Rs 3,000-crore.
This is ICICI Bank’s third acquisition. Earlier, it had acquired Bank of Madura in 2001 and Maharashtra-based Sangli Bank in 2007.
With the recent merger, the branch network of ICICI bank increases to about 2,500 across the country. ICICI Bank has about 2,000 branches while BoR has 463 spread across the country.