Canara Bank now 4th largest PSU bank after the merger with Syndicate

canara bankCanara Bank merged with Syndicate Bank on 1 April and is now the fourth-largest asset-owned state bank. There will be 10,391 branches, 12,829 ATMs, and a market value of over ~16 trillion for the merged company. The number of loans and deposits is referred to in banking parlance as a complete enterprise. There will be 91,685 jobs in the combined company.

With an unchanged approach to grass-rooting banking, consumer joy, and satisfaction, the combined organization would be big. The amalgamated bank would greatly expand the scope of banking services to the general public and increase the current level of financial inclusion activities.

The consolidation would also provide a wider geographical footprint and, along with a wider suite of products and deals, help to extract the value of size, volume, and power. Andhra Bank and Corporation Bank will merge into Union Bank of India under the merger plans announced last August; Syndicate Bank will merge into Canara Bank; United Bank of India and Oriental Bank of Commerce will merge into Punjab National Bank, and Allahabad Bank will merge with Indian Bank.

The bank announced that key services would be given to customers of both banks in order to allow them to be used by customers of either of the branches.

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