CANARA BANK IS NOW INDIA’S 4TH LARGEST PUBLIC SECTOR BANK · Amalgamation of Syndicate Bank into Canara Bank comes into effect from April 1, 2020
CANARA BANK IS
NOW INDIA’S 4TH LARGEST PUBLIC SECTOR BANK
·
Amalgamation of Syndicate Bank into Canara Bank comes into effect from
April 1, 2020
·
Combined Bank to have 10391 branches, 12829 ATMs along with a business size of 16 lakh + crore
·
The benefit of best of technology and digital experiences from both
Banks
·
Combined strength of 91685 employees provides an excessive pool of talent
·
Customers to benefit from a wider suite of products and offerings with
better pricing
·
Greater focus to front-end
customer-facing roles will lead to improved customer experience excellence
Bengaluru 31st March 2020: Sharing
views on this important milestone, Shri.
L.V.Prabhakar,
MD & CEO, Canara Bank, said, “It is a momentous day in the chronicles for both our
Banks that are driven by the cause of nation-building and with a rich heritage
of customer care and services. We are delighted that following the amalgamation
as a single legal entity, we will become a powerful banking institution that is
globally competitive and efficient working towards providing differentiated
customer experience excellence across all our products and services. The
combined entity will be large but with an unchanged approach to grass-rooting
banking, customer delight, and satisfaction. The amalgamated Bank shall
massively enhance the reach of banking services to the larger public and
augment the financial inclusion activities currently underway. This is a
historic endeavour and we will continue to serve our customers with renewed energy
and vitality as we make a meaningful contribution towards our role in boosting
India’s economy. ”
From April 1, 2020, the amalgamation of Canara Bank and
Syndicate Bank comes to effect to create India’s 4th largest public
sector bank. Consequent to the announcement regarding amalgamation by the Govt.
of India, the Boards of both banks had given in-principle approval on 13th
September 2019; in due course of the timeline, the process has culminated.
As per notification dated 30th August 2019 by Reserve Bank
of India, all branches of Syndicate Bank will function as branches of Canara
Bank from April 1, 2020. Customers, including depositors of Syndicate Bank,
will be treated as customers of Canara Bank with effect from said date.
The Amalgamated Bank
The
amalgamated bank will be the fourth-largest public sector bank in the country.
It will have a wider geographical reach with 10391 branches, 12829 ATMs
and 91685 employees along with a
business size of 16 lakh + crore respectively.
The amalgamation will
lead to a significant expansion in business size, thus the
economies of scale is expected to translate into better profitability,
wide product offering
and adoption of state-of-the-art technology catalyzing growth. The
bank’s
branch network will be doubling in the states of Andhra Pradesh,
Telangana, and
Uttar Pradesh.
Technology
integration
The
key services will be provided for the customers of
both banks, so that customers in any of the branches, regardless of whether
they are customers of erstwhile Canara Bank or Syndicate Bank, can avail of
these services. The bank will ensure flawless IT integration at all level
keeping in mind the comprehensive fraud monitoring solution, assuring
customer’s protection from cyber and digital fraud. All digital platforms viz.
mobile banking, UPI & Internet banking embedded with various security tools
for better security.
Enhanced
Employer Brand
The amalgamation will surely provide brighter professional prospects
for each of the staff members. The bank will be adopting the “best of both”
principle while deciding employee benefits. The combined employee strength gives the bank an
additional great pool of talent that is unmatched by any other bank.
Customer
Experience Excellence
The
banking services offered to the customers will continue uninterrupted with the
best of features of both the banks. To reinforce the feeling of being a part of
a single large banking institution, the bank will be providing 12 interoperable
services to its customers of the amalgamated bank with effect from 1st April
2020. Various functional committees have developed common products
with the ‘best of the two’ features for better customer satisfaction
and
delight.
The combined entity will have a network close to 10391 branches, approximately 12829 ATMs across India. Customers can also choose from a broader suite of
products & services.
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