Fincare and AU's Mega Merger Approved by CCI
CCI approves the merger of Fincare and AU Small Finance Bank, marking a significant milestone in the banking sector consolidation.
AU Small Finance Bank, a major player, brings diverse banking services, while Fincare specializes in deposits, lending, and digital banking.
The merger announcement on October 30 sets the effective date for February 1, 2024, pending approval from the Reserve Bank of India.
Critical conditions for the successful merger include shareholder approval, regulatory clearance from the RBI and CCI, and a Rs 700 crore capital infusion.
With Fincare's CEO becoming AU's Deputy CEO and the addition of a new board member, the merger aims to enhance operational efficiency and strategic decision-making.