Thankfully, we did not buy BoR: Parekh

HDFC Chairman Deepak Parekh on Thursday said that the group “thankfully” did not look at acquiring Bank of Rajasthan, as it was yet to overcome the pressures of previous takeovers.

HDFC Chairman Deepak Parekh on Thursday said that the group “thankfully” did not look at acquiring Bank of Rajasthan (BoR), as it was yet to overcome the pressures of previous takeovers.

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BoR last month announced a Rs 3,000-crore merger deal with ICICI Bank, the country's largest private sector lender. “It’s a herculean job dealing with thousands of people and four-five hundred branches, how to make it viable, how to change the work habits. We went through it. Times Bank we acquired, then we acquired this (Centurion Bank of Punjab).”

“See we were tired, we were fatigued after the Centurion Bank of Punjab and we were still struggling to get it right. So, it was too soon. We were not physically, mentally fit to tackle another acquisition and turn it around," he said.