Merger of Fincare with AU Small Finance Bank
The Fincare Small Finance Bank merged with AU Small Finance Bank on 1st April 2024 (Monday). This merger marked the first consolidation of such kind in the sector.
The deal of merger on all stock of Fincare was initially announced on 29th October 2023. In this merger where for every 2,000 equity shares held in Fincare SFB, the shareholders will get 579 equity shares of AU Small Finance Bank.
The final merger call was approved by the Reserve Bank of India on 4th March 2024 which came into effect on April 1, 2024.
AU SFB provides enhanced access to South India via this merger which greatly expands its network of distribution.
This enhanced access to AU SFB will easily provide its broad range of products and services to larger groups of customers and that will help to put a strong hold on its market position in this region.
The main focus of the AU Small Finance Bank now shifted to providing seamless and smooth amalgamation in the upcoming 9 to 12 months. Other than that, offering excellent banking services and value to their customers, the bank said.
With a franchise of about 1 crore customers, 43,500 staff, and a network of 2,350 physical touchpoints spanning 25 states and union territories, AU SFB stands strong.
