SHCIL-IDBI Bank merger – SHCIL is to merge with IDBI Bank.
Stock Holding Corporation of India Ltd (SHCIL), a well known broking and custodial services outfit, is to merge with Mumbai-based public sector lender IDBI Bank, giving 227 offices and access to 800,000 high net worth customers to the IDBI Bank. It will be a non-cash share swap deal.
The board of IDBI bank gave its in-principle nod for the merger proposal at a meeting yesterday, the bank said.
The entire merger process was expected to be completed by March 31, 2013.
IDBI Bank will absorb 1,300 employees of SHCIL on its rolls after the merger is complete. The assets and liabilities of SHCIL will move to IDBI after merger.