Bank of Madura
Bank of Madura was a Tamil Nadu-based bank established in 1943 by Karumuttu Thiagarajan Chettiar.[1] It acquired (est. 1933) and (est. 1904) during the 1960s. The Bank of Madura was a Chettiar bank with a large customer base of over 2 million customers and a network of more than 280 branches and 40+ ATM centres spread across around 100 cities in India. The bank merged with ICICI Bank Limited, under Section 44A of the Banking Regulation Act, 1949, under the leadership of Chairman . The Bank had roughly 44 billion INR in assets at the time of the merger, not accounting for inflation.[1] The Reserve Bank of India approved the merger effective 10 March 2001. It was headquartered at Madurai.
The parties involved and news outlets alike described the merger as a positive strategic move. Bank of Madura shareholders approved the merger on 19 January 2001.[2] Following the merger the Bank of Madura's share price initially rose sharply.[2]
See also[]
- Indian banking
- Economy of Tamil Nadu
References[]
- ^ a b Paul, Justin (September 2003). "Bank of Madura Merger with ICICI Bank: An Analysis". Cite journal requires
|journal=(help) - ^ a b "ICICI Bank, Bank of Madura boards approve merger - Times of India".
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