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Canara Bank appoints consultant for Dena Bank acquisition

Canara Bank appoints consultant for Dena Bank acquisition
PTI
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First Published: Tue, May 08 2007. 06 23 PM IST
Updated: Tue, May 08 2007. 06 23 PM IST
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.
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First Published: Tue, May 08 2007. 06 23 PM IST
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