This is, however, subject to due diligence. This lead to competition and customer satisfaction. Shares in Bank of Rajasthan rose 19. Total liabilities including capital and reserves increased by 11. It will also give greater visibility to the bank in the western and northern parts of the country.
It does not refer only to a place of tending and depositing money, but looks after the financial problems of its consumers. The total assets of Bank of Rajasthan. Financial institutions which are shaped by the general economic structures of the country concerned vary from one country to another. During fiscal 2010 and fiscal 2011, we focussed on our strategy of increasing the share of current and savings account deposits in total deposits and re-balancing our funding mix. Unlike some of the other old private sector banks, the bank union is not so strong which would help in completing a merger fast.
During the year, the integration of Bank of Rajasthan into the Bank was a major exercise which was successfully completed. Further, to align the skill sets of Bank of Rajasthan employees, special training programs were designed and conducted by the Bank. The parent company was formed in 1955 as a joint-venture of the World Bank, India's public-sector banks and public-sector insurance companies to provide project financing to Indian industry. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Current information: Based on 2013 information, it is the second largest bank in India by assets and third largest by market capitalisation. Hence, a rigid classification of banks is bound to the unrealistic. This includes more than 500 branches and extension counters, over 1800.
Also, the deal prices the market capitalisation per branch in the range of around Rs 6. No terms were immediately available. To enable better customer service, our branch staff has been equipped with a comprehensive and single view of customer relationships. Meaning : A general term used to refer to the consolidation of companies. Tax expense The income tax expense including wealth tax increased by 22.
India too relies largely on the banking sector for mobilization of deposits as well as for accelerated growth of deposits. The opening up of economy in 1991 paved the way for the next revolution in Indian Banking with the emergence of private banks. The total assets of Bank of Rajasthan represented 4. Sorry, but copying text is forbidden on this website! The majority shareholder is looking at swapping his official shareholding of 28. We continued to expand our branch network in India.
Kamath is the Chairman while Ms. Employee expenses increased primarily due to addition of employees of Bank of Rajasthan, annual increase in salaries and provision for payment of performance bonus and performance- linked retention pay during the period and increase in the employee base, including sales executives, employees on fixed term contracts and interns, from 41,068 employees at March 31, 2010 to 56,969 employees at March 31, 2011 including employees of Bank of Rajasthan. The BoR approved the deal, which was subject to regulatory agreement. Investments Total investments increased by 11. Payments to and provisions for employees Employee expenses increased by 46. The Bank also established a rural Gramin bank Mewar Anchlik Gramin Bank in Udaipur District in Rajasthan on 26 January 1983.
It has set up specialised subsidiaries in the areas of commercial banking, investment banking, non banking finance, investor servicing broking, venture capital finance and state level infrastructure financing from where the group draws its strength. Its evolution can be traced in the functions of money lender, the goldsmiths and the merchants. The parent company was later merged with the bank. This era is the age of specialization with the changing situation in the world economy, banking functions have broadened. Strategic fit A merger will substantially increase the value of the firm only when there is a proper integration of strategic, financial, economic and organizational aspects.
During the year, the integration of Bank of Rajasthan into the Bank was a major exercise which was successfully completed. They performed most of those functions which banks perform in modern times. The Bank of Rajasthan approved the deal, which will be subject to regulatory agreement, earlier on Tuesday. The objective was to encourage and assist industrial development and investment in India. For December 2009 quarter, BoR reported loss of Rs. Though BoR promoters say they hold a 28.
BoR has a staff strength of around 4,000. Merger Announcement, Share Price Movements and Shareholding Pattern Changes The deal appears more favourable to BoR since their shareholders gained almost 90% between 07. This deal will help us improve our presence in north India. The results for fiscal 2011 include results of Bank of Rajasthan for the period from August 13, 2010 to March 31, 2011. These factors are directly correlated to the performance of the firm after the merger. Short term wealth creation of BoR can be read in line with the valuation and fixation of swap ratio. An eminent Industrialist was the founder chairman and Late Shri Dwarka Prasad Gupta was the first General Manager.