‘PSB merger marks new dawn for Indian banking’

The biggest-ever consolidation exercise in the public sector banking space effected on Wednesday will mark a new dawn for the Indian banking sector, the finance ministry said on Wednesday. Six PSBs namely Oriental Bank of Commerce, United Bank of India, Syndicate Bank, Andhra Bank, Corporation Bank and Allahabad Bank have been merged into four bigger lenders.

1,000 Allahabad Bank shares for 115 of Indian Bank

The board of directors of Indian Bank on Thursday approved the share swap ratio for merger with Allahabad Bank, where for 115 equity shares (of Rs 10 per share) of the bank will be issued for every 1,000 shares of (Rs 10 per share) of Allahabad Bank. The Allahabad Bank board concurrently met in Kolkata to approve the share swap ratio.