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Panels overseeing smooth merger of Canara Bank, Syndicate Bank

The proposed 2-way merger of Canara Bank and Syndicate Bank in on course and the thrust is on the integration of HR and technology, according to officials of Canara Bank, overseeing the merger process. The 2 banks have set up several committees for handling the various aspects of the merger, besides appointing legal and financial consultants to conduct due diligence on valuation and swap ratio. According to Mrutyunjay Mahapatra, the committees formed by both the banks are looking into different areas and various processes relating to HR and customer services are being studied. Officials of both banks said as part of the HR integration process, a committee is studying the service conditions, rules related to promotion, career progression, leave and transfer policies to ensure proper alignment before the merger. The combined entity is expected to have a higher number than required of CGMs as the current guidelines prescribe that a public sector bank with Rs 10 trillion business can have one CGM for every 4 (GMs). Canara Bank meets this criterion and has 15 CGMs who are manning its various operations. Syndicate Bank has some 26 GMs and it will require 6 CGMs. But the merged bank will have a greater number of CGMs that the 21 required.

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