Another Banking Merger in the country. Is your account address going to change? Those keeping money in Small Finance Bank should keep an eye on this
After the merger of HDFC Bank, another big banking merger is going to happen in the country. This new banking merger has been approved by the Board of Directors. If you also have an account in these banks, then understand that you will see some changes in your banking system very soon.
AU Small Finance Bank Ltd Share Price: Two major small finance banks of the country have merged. The merger has been approved by the boards of directors of AU Small Finance Bank (AU SFB) and Fincare Small Finance Bank (Fincare SFB).
After the announcement of the merger, shares of AU Small Finance Bank fell by more than 8 percent intraday. The merger will require approval from shareholders of both the banks, RBI and CCI (Competition Commission of India).
Preparation for entry into microfinance sector
After getting the approval, Fincare Small Finance Bank (Fincare SFB) and AU Small Finance Bank (AU SFB) will merge. The company will take over Fincare Small Finance Bank in an all-stock transaction worth Rs 4,411 crore. In the information given by the company, it was said that there are preparations to enter the microfinance sector in South India.
Today the bank’s shares fell by 8.5 percent intraday to low level of 630.90. This is the lowest level in the last 6 months. The stock has increased by more than 21 percent in the last one year. Its 52 week high level is Rs 794.95 and low level is Rs 548.15. After falling by more than 8 percent intraday, the stock showed a slight rise at the end of the trading session and closed at Rs 666.10, falling by about 3.5 percent.
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