Reserve Bank of India, via a Press release dt.12/08/2010, informed that w.e.f 13/08/2010, Branches of Bank of Rajasthan Ltd. to be Branches of ICICI Bank Ltd. from August 13The merger would substantially enhance the combined branch network to over 2500 across the country.
This is ICICI Bank’s third acquisition after Bank of Madura in 2000-01 and Sangli Bank in 2006-07.
Some Snippets of Bank of Madura: Bank of Madura was established in 1943 by Karumuttu Thiagarajan Chettiar. Bank of Madura was a Chettiar bank with a large customer base of 2 million plus customers and a network of more than 280 branches and 40+ ATMs centers spread across about 100 cities in India. The bank merged with ICICI Bank Limited, under Section 44A of the Banking Regulation Act, 1949.
The Reserve Bank of India approved the merger effective March 10, 2001
Chettinad cuisine is famous world over, for its special taste, though in the recent past, it is difficult to locate authenticate Chettinad restaurants.
Some Snippets of Sangli Bank:
Sangli is a princely state and Sangli Bank merged into ICICI Bank in April 2007.
Some snippets of Bank of Rajasthan:
Bank of Rajasthan has a network of 463 branches, with about 60 per cent of them operating in Rajastahan, besides 111 ATMs. IC
Bank of Rajasthan is a listed old Indian private sector bank with its corporate office at Mumbai in Maharashtra and registered office at Udaipur in Rajasthan.
ICICI Bank network has increased to 2490 branches with the addition of the Bank of Rajasthan Branches.
I am sure within the next six months, the Bank of Rajasthan branches will be completely integrated into the ICICI network, both physically and mentally.
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I only wish that ICICI Bank, maintains the Archived websites of Bank of Madura, Sangli Bank and Bank of Rajasthan. These websites not only are part of Indian Banking history, but will also aid ICICI Bank to connect to the old customers of the erstwhile banks, merged with itself.
The emotional pull will result in conversion of customers to ICICI Bank.