Tuesday, January 19, 2010

Federal Bank denies acquisition by IDBI Bank

Kerala-based Federal Bank today denied reports on a takeover move on the bank by IDBI Bank which appeared in a section of the local print media. In a statement issued, the bank clarified that the reports are factually incorrect. It further said that the Federal Bank has not been approached in this regard by IDBI Bank nor has any due diligence been carried out.

Reports in a section of the media indicated that IDBI Bank has �zeroed in� on Federal Bank and that the due diligence process in this regard had been completed.

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