IDBI gets SHCIL

IDBI Bank has given its in principle approval to merge Stock Holding Corporation of India Ltd with itself. The board on Tuesday decided the merger would be consummated through a non cash share swap deal.

IDBI Bank has given its in principle approval to merge Stock Holding Corporation of India Ltd with itself. The board on Tuesday decided the merger would be consummated through a non cash share swap deal.

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The merger would allow IDBI Bank to utilise the work-force of SHCIL and expand its third party distribution and handling of retail customers.

Meanwhile, IDBI Bank said it would cut rates on new floating home loans by 0.25 percentage points and term deposit rates by up to 0.50 percentage points.