CCI approves merger of Fincare and AU Small Finance Bank Limited
The Competition Commission of India (CCI) has approved the merger of Fincare Small Finance Bank Limited (Fincare) and AU Small Finance Bank Limited (AU).
"The Proposed Combination involves the merger of Fincare and AU, with AU being the surviving entity (merged entity). The shareholders of Fincare will be allotted shares in the merged entity, post the Proposed Combination," read a statement issued by the Competition Commission of India.
AU is a banking company which provides personal and commercial banking services (including provision of deposits, loans and advances, debit and credit card services, institutional banking and digital banking services).
AU is also licensed to transact business under AD-II bank category (foreign exchange).
AU is also engaged in provision of ancillary functions such as distribution of insurance and investment products such as mutual funds, and portfolio management services.
Fincare is a banking company and provides deposit services (such as savings account, current account, fixed deposits, recurring deposits), lending services (including retail and microfinance loans), and digital banking services. Fincare also provides certain miscellaneous services such as distribution of insurance products.
Detailed order of the CCI will follow.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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