New Delhi: In what could turn out to be the beginning of consolidation of Indian public sector banks, Canara Bank is understood to be zeroing in on acquiring mid-sized Dena Bank, for which it has appointed a consultant.
Canara Bank, the country’s third largest public sector lender, has mandated Ernst and Young for exploring the possibility of such a deal, sources close to the development said.
But there was no official confirmation from either the two banks or the consultant.
When contacted, Canara Bank CMD M B N Rao said, “I would not be able to make any comment on that.”
Sources, however, said the consultant has already submitted a preliminary report and the evaluation process is on.