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CCI approval for IndusInd Bank acquisition of BFIL

The Competition Commission of India (CCI) has approved the scheme of amalgamation between IndusInd Bank and Bharat Financial Inclusion. CCI. The amalgamation scheme is, however, subject to approval from the RBI, stock exchanges, Sebi, the National Company Law Tribunal and respective shareholders. IndusInd Bank had in October announced that it is acquiring Bharat Financial Inclusion through an all-stock transaction. Post-merger, the new entity will have 4000 branches and outlets and 16 million customers. Bharat Financial Inclusion, formerly SKS Microfinance, had a customer base of 68 lakh and loan portfolio of Rs 7709 crore as of 30 June 30. However, it suffered a loss of Rs 37 crore for the quarter to June as against Rs 236 crore in the same period a year ago. For 2016-17, the company had recorded a profit of Rs 290 crore.

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