ICICI Bank has assured customers of Bank of Rajasthan (BoR) that they can continue to avail the same services they enjoyed prior to the merger of BoR
All existing BoR products will continue with current features and charges. Customers can continue to transact using their current BoR cheque books,ATM cards,lockers,etc. The minimum balance requirements and service charges on all types of accounts will remain unchanged, an official release issued by the bank said.
After the system integration,customers can benefit from ICICI Bank’s enhanced branch network of over 2,600 branches and over 5,600 ATMs spread across 1,400 locations in the country, it said.
Udaipur-based BoR became part of ICICI Bank after the Reserve Bank of India gave its approval last week.
All 463 branches of BoR have started functioning as ICICI Bank units as per the directive of the Reserve Bank of India. This is the third acquisition by ICICI Bank. It had
earlier acquired Bank of Madura way back in 2001 and Maharashtra-based Sangli Bank in 2007.
With the merger,the balance sheet of ICICI Bank has crossed Rs 4 lakh crore.
Earlier in May,the boards of both the banks approved a share-swap deal that valued BoR at over Rs 3,000 crore. The share swap ratio was fixed at one ICICI Bank share for every 4.72 shares of BoR.