Citigroup and Standard Chartered lose race for India's United Western Bank

India's IDBI emerges as the winner in the race for United Western Bank dashing the hopes of suitors such as Citigroup, Standard Chartered, HDFC and ICICI Bank.

The Reserve Bank of India has named the Industrial Development Bank of India IDBI as the winning bidder for United Western Bank.

The Reserve Bank RBI made the announcement on Tuesday, dashing the hopes of 17 other contenders including Citigroup, Standard Chartered, HDFC and ICICI Bank.

IDBI has been issued with a draft scheme of amalgamation and the central bank has given both IDBI and United Western two weeks to consider the scheme and revert. Feedback is also being sought...

To continue reading, please login or register for free

Print Edition

FinanceAsia Print Edition

CONFERENCES

  • 2nd Compliance Summit Southeast Asia

    17 August 2017  |  Singapore
    The 2017 Compliance Summit Southeast Asia will take an in-depth look at the key compliance considerations today with a focus on regulation and new ...