Oriental Bank of Commerce on Thursday announced a tie up with Oriental Insurance Company for selling general insurance products through its branches.
Oriental Bank of Commerce will shortly hire an international consultant to restructure and integrate the failed Global Trust Bank with itself by this fiscal end.
After consolidating its foothold in south India through the acquisition of Global Trust Bank, Delhi-based Oriental Bank of Commerce.
The crisis-ridden Global Trust Bank would be merged with Oriental Bank of Commerce, RBI said on Monday.
The integration process of Global Trust Bank with Oriental Bank of Commerce would be completed by June 2006, its chairman and managing director B D Narang said.
Oriental Bank of Commerce on Friday said its profit will dip this fiscal due to acquisition of the ailing Global Trust Bank and hinted at another round of voluntary retirement scheme to cut excess flab.
Oriental Bank of Commerce will retrain the staff of Global Trust Bank to enable them to carry out lending activities at branch level and attain three times more business from the acquired unit.
In a move that could provide succour to existing customers of troubled Global Trust Bank, its acquirer Oriental Bank of Commerce said on Monday that lending rates would eventually come down in line with the PSU bank.
Sending a clear directive to Global Trust Bank employees to triple their business, its acquirer Oriental Bank of Commerce has set a growth target of 30 per cent for the combined entity at about Rs 80,000 crore (Rs 800 billion) this fiscal.
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