Mumbai, Oct 31: The boards of directors of AU Small Finance Bank Ltd and Fincare Small Finance Bank Ltd have approved an all-stock merger of AU SFB and Fincare SFB.
The merger was approved at their respective board meetings held on Sunday (yesterday), a press release said here.
According to terms of agreement, Fincare Business Services Ltd (FBSL), promoter of Fincare SFB, shall infuse Rs 700 crore into Fincare SFB prior to completion of the merger.
Rajeev Yadav, managing director & chief executive officer of Fincare SFB, will be appointed deputy CEO of AU SFB post-merger.
He will report to Sanjay Agarwal, MD & CEO of AU SFB, the release added.
