IDBI Bank merges with IDBI Ltd

Talking about the merger of IDBI Bank with IDBI Ltd, V P Shetty, chairman, IDBI Ltd, said, "As I see it, the merger would facilitate consolidation of business across the value chain, enabling us to provide a variegated menu of customer-friendly services to our existing and prospective clients, both within the geographical boundaries of India and in due course, abroad," in a press statement.

"I am confident that the merger would enable us to achieve a respectable market share in the intensely competitive financial system in the near term," he added.

The statement further said that the new branch would provide all forms of assistance to its corporate clients including working capital, cash credit, trade finance, letter of credit and guarantees apart from project finance.

Industrial Development Bank of India Ltd has opened its fourth branch in Chennai.