Post-merger, turnover of Syndicate Bank and Canara Bank will be Rs 15 trn

Canara Bank Chairman T N Manoharan said his bank was having a business of Rs 10 trillion and the Syndicate Bank R.five trillion

The Canara Bank and the Syndicate Bank, set to be merged as part of the Centre's mega consolidation plan for banks, would become one entity from April next year and their combined turnover will be Rs 15 trillion, a top official said on Wednesday.

Canara Bank Chairman T N Manoharan said his bank was having a business of Rs. 10 trillion and the Syndicate Bank Rs.five trillion. Post merger, the Canara Bank will have a total of Rs.15 trillion turnover, he told reporters here.

On the impact of economic slow down, he said credit growth was slow and steady.

Though there was decline in the corporate lending, banks were shifting focus to retail lending and also other sectors like automobile, housing and personal loans, Manoharan, who was here to deliver a lecture, said.

 

The government has announced merger of ten public sector banks into four as part of plans to create fewer and stronger global-sized lenders as it looks to boost economic growth.