Fincare Small Finance Bank to merge with AU Small Finance Bank

Fincare Small Finance Bank started its operation on July 21, 2017. Its profit after tax stood at Rs 219 crore as of September-end.

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The merger is subject to approval from the shareholders of both companies, Reserve Bank of India and Competition Commission of India. (Representational Image)

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AU Small Finance Bank’s board has cleared a merger with Fincare Small Finance Bank, setting up the first merger in the small finance bank space in India.

“The Board of Directors of AU Small Finance Bank Ltd, at its meeting held today on October 29, 2023 has considered and approved the scheme of amalgamation (Scheme) for the amalgamation of Fincare Small Finance Bank Ltd (Transferor Company) into and with AU Small Finance Bank Ltd (Transferee Company),” Au Small Finance Bank said in an exchange filing late Sunday.

As per the proposed share exchange ratio, shareholders of Fincare Small Finance bank will get 579 equity shares of AU Small Finance Bank for every 2,000 shares held by them.

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The merger is subject to approval from the shareholders of both companies, Reserve Bank of India and Competition Commission of India.

AU Small Finance Bank received license in 2015, and commenced its operation as a small finance lender in April 2017.

As of September 30, 2023, the bank’s total assets stood at Rs 95,977 crore. It reported a profit after tax of Rs 789 crore for the half year ended September 30, 2023.

Fincare Small Finance Bank started its operation on July 21, 2017. Its profit after tax stood at Rs 219 crore as of September-end.

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