ICICI Bank to acquire Karnataka Bank?

Zeebiz Bureau

New Delhi: ICICI Bank, India’s largest private sector bank may acquire Karnataka Bank, an old and listed private sector bank as per a newspaper report.

According to the Indian Express, ICICI has submitted a formal proposal to the Reserve Bank of India (RBI) to acquire Karnataka Bank. The paper has further reported that Kotak Bank too has interest in acquisition of the bank though the former has not submitted any formal proposal to the RBI.

However, none of the banks have affirmed to the queries relating to the acquisition bid, the paper said.

Stocks of ICICI bank closed at 1,060.00 on BSE Monday, up 0.66% as against its previous close. While Stocks of ICICI bank closed at 120.80 on BSE Monday, up 0.92% as against its previous close.