A big update regarding the purchase of ICICI AMC’s stake in Federal Bank has come. Federal Bank informed on Thursday that ICICI AMC has permission from the Reserve Bank of India to buy a 9.95 per cent stake in Federal Bank. RBI has given this permission under the Banking Regulation Act 1949.
After this announcement of Federal Bank, there has been a tremendous rise in the bank shares in the stock market, and on Thursday, they closed at Rs 155 with an increase of 1.55 per cent. Even today, on the last trading day of the year, its shares are expected to remain bullish.
Federal Bank Gave This Information
The bank’s Chief Executive Officer, Shyam Srinivasan, was very important in getting permission from RBI to buy ICICI AMC’s stake in Federal Bank. He has been working in the MD and CEO posts of the bank since 2010, and his tenure is ending in September 2024. In such a situation, he is trying to complete this deal before the end of his tenure.
Federal Bank has not yet given any official information regarding the selection of the new MD. While providing information about the permission to buy a stake in ICICI AMC on December 28, the bank said that the Reserve Bank had approved ICICI AMC to buy a 9.95 per cent stake in the Federal Bank. After this, the way for a deal between the two has been cleared.
The Bank Will Benefit
Earlier, while giving information about the increasing usefulness of fintech companies in the banking sector, Federal Bank CEO Shyam Srinivasan said that the help of fintech companies will help banks reach customers better instead of competition between the two. Cooperation will increase. He also said that the bank plans to open more savings accounts with the help of fintech companies in the future.
Federal Bank is opening more than 15,000 savings accounts daily, 60 per cent of which are being opened with the help of fintech companies. Fintech companies will play an essential role in digital accounts, a key part of the bank’s future planning.
