Bandhan Bank announced the merger of low-cost housing finance company Gruh Finance into the Kolkata-based lender. The merger will help Bandhan Bank achieve product and geographic diversification while improving penetration in its core customer segment. Gruh will get access to a wider distribution network, a larger customer base and low-cost deposit base of Bandhan Bank.
The merged entity will have more than 31,000 employees serving about 150 million customers across the country. The shareholding of Bandhan Financial Holdings Limited in Bandhan Bank will reduce to 61% from 82.3%, bringing it closer to meeting the Reserve Bank of India’s requirement of 40%, which is an across-the-board cap on stake that can be held by a single shareholder of bank.
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