India cenbank approves merger of Fincare Small Finance Bank and AU Small Finance Bank

AU Small Finance Bank

04/03/2024 14:46

BENGALURU, March 4 (Reuters) - The Reserve Bank of India
on Monday approved the $530 million merger of Fincare Small
Finance Bank  FINR.NS  with AU Small Finance Bank  AUFI.NS ,
effective April 1.
    Following the merger, all branches of Fincare Small Finance
Bank will serve as branches of AU Small Finance Bank, the RBI
said.
    In October last year, AU Small Finance Bank announced it
would buy Fincare Small Finance Bank in an all-stock deal worth
around $530 million, in a bid to enter the microfinance space.
    In January, India's competition regulator had approved the
merger.  
    
    

 (Reporting by Nishit Navin in Bengaluru)
 ((Nishit.Navin@thomsonreuters.com;))