icici-bank-on-acquisition-trail

ICICI Bank on acquisition trail

ICICI Bank leads in confirming interest to acquire United Western Bank.
September 04, 2006
Indian banks, including ICICI Bank, are looking to acquire United Western Bank UWB, a lossmaking bank headquartered in western India. The MA move confirms the attraction of acquiring a well-entrenched branch network, given the time and expense involved in opening new branches in India.

UWB was placed under an order of moratorium by IndiaÆs central bank, the Reserve Bank of India RBI on September 2. This means that UWB can only issue payments with RBI approval and depositors can only withdraw up to Rs10,000 $215 at bank branches. ATMs have been frozen. The RBI was responding to UWBÆs capital adequacy ratio falling to -0.3% as of June 30 compared to the...
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