Kotak Mahindra, Axis bank merger news: The merger of two leading banks of India- Kotak Mahindra and Axis bank are rumours and have been rejected by the both private banks. The bank officials have clarified that there will be no merger of the duo.
Kotak Mahindra, Axis bank merger news: The news of merging two banks was explored by stakeholders
“A merger deal is being explored by the shareholders of the two banks. A merger would unlock huge synergies, as Kotak Bank has a strong corporate banking franchise while Axis is strong on the retail front; the report quoted a fund manager as saying.
“Axis is one of the strongest financial institutions in the country with a large customer franchise. We urge you to exercise extreme caution in dealing with this misinformation,” said an Axis Bank spokesperson as reported by TOI.
Everything is rumour so we don’t want to comment, says kotak bank spokesperson
While Kotak Mahindra Bank spokesperson refuted the report saying “we do not comment on rumours and speculation.”
Axis Bank currently has a market capitalization of Rs 1.4 lakh crore. The government holds 12 percent shares in Axis bank through SUUTI worth Rs 14,000 crore besides 18% stake through LIC and other state-owned insurance companies. On the other side, Kotak Bank has a market capitalization of Rs 1.4lakh crore.