No plan to acquire regional bank, says Axis Bank | business | Hindustan Times
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No plan to acquire regional bank, says Axis Bank

business Updated: Jun 01, 2010 11:28 IST

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Private sector lender Axis Bank, on Monday, said it has no plan to acquire any regional bank. "In the interest of investors, the bank clarify that these rumours (acquiring a regional bank) are completely unfounded and are not correct," Axis Bank informed the Bombay Stock Exchange.

The bank understands that there are rumours about Axis Bank acquiring a regional bank, it said. Earlier during the month, leading private sector lender ICICI Bank agreed to acquire Bank of Rajasthan (BoR) which is valued at about Rs 3,000 crore through share swap ratio. BoR has strong presence in Western and Northeren India through its 463 branches. Post merger, the branch strength of ICICI Bank would go up to 2,500 and total business would cross Rs 4 lakh crore.

Axis Bank, promoted by public sector insurance companies, has more than 1,000 branches and a network of over about 4,055 ATMs. Shares of Axis Bank closed at Rs 1,228.40, up 0.65 per cent on the Bombay Stock Exchange.