HOME
NEWS
BUSINESS
MOVIES
SPORTS
CRICKET
GET AHEAD
SHOPPING
rediff NewsApp
Rediff News
All News

NewsApp (Free)

Read news as it happens
Download NewsApp
Rediff.com  » Business » We'll make UWB a strategic unit: IDBI chief

We'll make UWB a strategic unit: IDBI chief

ShareComment
Text size:  A   A   A
September 13, 2006 09:50 IST

Two years ago, IDBI Bank was merged with IDBI. With the acquisition of United Western Bank, IDBI will more than double its branch network. Its chairman, VP Shetty tellsĀ Business Standard what lies on the road ahead.

Excerpts:

Were you surprised by the RBI decision?

Not at all. In fact, we were the fittest contender. We have the balance sheet strength. We have 195 branches and following this, our branch strength will go up to 425. It is a very good deal for United Western and for us.

Have you completed the earlier merger (with IDBI Bank)?

The integration process is getting over. There are some staff-related issues. We will continue to protect their salary for three years till April 2008.

What is your plan for United Western?

We will not merge it with IDBI immediately but will keep it as a strategic business unit for the time being. It has about 70 urban branches and the rest, in rural areas, have good agriculture and small and medium loan exposures. It will add value to our business.

What about the employees?

We will absorb them and their salary and compensation packages will be protected for about two years.

United Western Bank to merge with IDBI

BS Reporter in Mumbai
ShareComment
It's free!

To get such articles in your inbox