CCI Greenlights Merger of Fincare Small Finance Bank with AU Small Finance Bank

The Competition Commission of India (CCI) approved the merger of Fincare Small Finance Bank with AU Small Finance Bank, as announced in a filing on Tuesday.

The all-stock merger, approved by both banks’ boards in October last year, involves Fincare Business Services infusing Rs 700 crore into Fincare SFB before the merger’s completion. The CCI’s approval, received on January 23, 2024, is contingent upon the Reserve Bank of India’s endorsement. AU SFB shares closed at Rs 715.95 on the BSE on Tuesday, marking a 4.2% decline.