Allahabad Bank board approves merger with Indian Bank

“In terms of SEBI (listing obligations and disclosure requirements), the board of directors in a meeting held today has considered and accorded its in-principle approval for amalgamation of Allahabad Bank into Indian Bank,” sources in the bank said.

Meanwhile, employees and officers of Allahabad Bank staged a demonstration in front of its headquarters here to protest against the merger.

A office-bearer of the staff association said the amalgamation is being opposed as Allahabad Bank has higher levels of CASA (current account and savings account), more staff strength and a bigger volume of business compared to the other lender.

“The merger proposal with Indian Bank is illegal,” he claimed.