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7th March 2016, 09:52 AM
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Join Date: May 2012
Re: Merger of SHCIL with IDBI Bank

Hello, here I am providing you the details of the merger of the SHCIL with IDBI Bank as under:

About the merger:
The Stock Holding Corporation of India Ltd (SHCIL), a subsidiary of the IDBI Bank and India’s largest custodian of securities, will be merged with the IDBI Bank. In a meeting held on Oct 30, 2012 the bank’s board gave its nod to the merger proposal, subject to statutory/regulatory and shareholder’s approvals.

Supports:
Some of the institutions built with the support of IDBI are the Securities and Exchange Board of India (SEBI), National Stock Exchange of India (NSE), the National Securities Depository Limited (NSDL), the Stock Holding Corporation of India Limited (SHCIL), the Credit Analysis & Research Ltd, the Exim Bank (India), the Small Industries Development Bank of India (SIDBI) and the Entrepreneurship Development Institute of India.

Stakeholders:
SHCIL counts among its shareholders various public sector financial institutions including IFCI, SU-UTI, LIC and GIC, among others, besides IDBI. These shareholders will get the shares of the IDBI Bank post merger.

Branches:
Although IDBI Bank has expanded its branch network over the years and currently has around 1,000 branches, there is a need to rapidly expand its footprint across the major banking centres of the country.

Benefits:
From an HR perspective, IDBI Bank will be able to utilise the SHCIL workforce who has experience in third party distribution and retail customer handling.

Also, the bank will be merging with an entity that has a strong technology platform, thus enhancing its technology capabilities and building redundancies to take care of future expansion.


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