Manipal-headquartered public sector Syndicate Bank plans to grow its business through the inorganic route. The bank, which is preparing for its second follow-on public issue, is ready to acquire a suitable bank.
Chairman and Managing Director C P Swarnkar said, “We don’t have any proposal right now, but we are a very suitable candidate to make an acquisition. If any worthwhile proposal comes to us we will definitely give it a look.”
He said the bank was currently busy finalising its second follow-on public issue, which was approved by the board last month. The bank aims to raise money to augment its capital adequacy ratio and meet the capital requirements as per the Basel-II norms. After the nationalisation of the bank in 1969, the bank has not made any acquisitions. Earlier, between 1954 and 1969, it merged with 18 banks in Karnataka with itself.
Read more in The Business Standard article.
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