CCI Endorses Union Of Fincare Small Finance Bank with AU Small Finance Bank

CCI Endorses Union Of Fincare Small Finance Bank with AU Small Finance Bank

The union is subject to the approval of the Reserve Bank of India

The Competition Commission of India (CCI) has approved the merger of Fincare Small Finance Bank with AU Small Finance Bank.

In October last, the board of directors of Fincare Bank and AU Bank had approved an all-stock merger of the two banks.

As per the terms of the scheme of amalgamation, before the completion of the merger, Fincare Business Services, the promoter of Fincare Bank, would infuse Rs.700 crores into Fincare Bank.

In the stock exchange filing, the AU Bank stated, “The CCI, vide its 23 January 2024 letter, communicated that in its meeting it had considered and approved the proposed combination involving the amalgamation of Fincare Small Finance Bank Limited with AU Small Finance Bank."