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Photo: Mint

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

Canara Bank said that the combined entity will have 10,391 branches, 12,829 ATMs along with a business size of over 16 trillion

Canara Bank on Wednesday said that following its merger with Syndicate Bank, it is now the fourth largest state-owned bank by assets.

The bank said that the combined entity will have 10,391 branches, 12,829 ATMs along with a business size of over 16 trillion. In banking parlance, the sum of loans and deposits is referred to as total business. The merged entity will have 91,685 employees, it said in a statement on Wednesday.

L V Prabhakar, chief executive, Canara Bank, said in the statement, “The combined entity will be large but with an unchanged approach to grass-rooting banking, customer delight, and satisfaction. The amalgamated bank shall massively enhance the reach of banking services to the larger public and augment the financial inclusion activities currently underway."

The bank said that key services will be provided to customers of both banks, so that customers in any of the branches, can avail of these services. It said it will ensure flawless information technology (IT) integration at all level keeping in mind the comprehensive fraud monitoring solution, assuring customer’s protection from cyber and digital fraud.

According to the bank, the consolidation will also provide a broader geographic footprint and help to derive the benefit of size, scale, and strength along with a wider suite of products and offerings. Under the merger plans announced in August last year, Andhra Bank and Corporation Bank will merge into Union Bank of India; Syndicate Bank 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.

Union Bank, Canara Bank, Punjab National Bank and Indian banks are the four anchor banks which will absorb the smaller banks.

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