Post-merger of Syndicate Bank, Canara Bank turnover will be Rs 15 lakh crore, says Chairman TN Manoharan

  • On the impact of economic slowdown, the credit growth was slow and steady, said the Canara Bank chief

  • Though there was a decline in the corporate lending, banks were shifting focus to retail lending and also other sectors like automobile

  • The govt announced the merger of ten public sector banks into four as part of plans to create fewer and stronger global-sized lenders

Coimbatore: The Canara Bank and the Syndicate Bank, set to be merged as part of the Centre's mega consolidation plan for banks, would become one entity from April next year and their combined turnover will be Rs 15 lakh crore, a top official said on Wednesday.

 Post-merger of Syndicate Bank, Canara Bank turnover will be Rs 15 lakh crore, says Chairman TN Manoharan

Representational image. Reuters

Canara Bank Chairman TN Manoharan said his bank was having a business of Rs 10 lakh crore and the Syndicate Bank Rs 5 lakh crore.

Post-merger, the Canara Bank will have a total of Rs 15 lakh crore turnover, he told reporters here.

On the impact of economic slowdown, he said credit growth was slow and steady.

Though there was a decline in the corporate lending, banks were shifting focus to retail lending and also other sectors like automobile, housing and personal loans, Manoharan, who was here to deliver a lecture, said.

The government has announced the merger of ten public sector banks into four as part of plans to create fewer and stronger global-sized lenders as it looks to boost economic growth.

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Updated Date: Dec 04, 2019 19:27:02 IST