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ICICI, ICICI Bank merger by month-end

The proposed merger of the ICICI Bank and the ICICI would be materialised by the end of this month, following which the number of ICICI Bank customers would double and corporate accounts will go up to 7000 from the existing 4000, ICICI managing director and chief executive officer H N Sinor has said.

Talking to newspersons in Tiruchirapalli Wednesday night, he pointed out that the Gujarat high court had given its clearance for the proposed merger and the same was expected from the Mumbai high court.

Sinor said as on December 31, 2001, the bank's deposit base was Rs 229.20 billion and the profit after tax for the period April-December 2001 stood at Rs 2.01 billion compared to Rs 1.11 billion in the corresponding period the previous year. Efforts were on to bring down the non-performing assets rate to one per cent from the existing percentage of 1.3, he added.

The bank listed its stock on the New York Stock Exchange through an issue of American depositary shares in March 2000, making it only the second financial services entity (the first being ICICI Ltd) to do so in India.

Later, Sinor inaugurated their ATM's Tamil service at the bank's cantonment branch in Tiruchirapalli.

He said ICICI Bank had the largest ATM network in the country with 800 ATMs spread over 84 cities. More than half of its transactions were done through electronic channels as against only five per cent usage less than two years ago, he added.

UNI

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