09 May 07 Dena Bank Acquistion : Canara Bank looks to acquire Dena Bank

Bangalore based Canara Bank is looking to acquire Mumbai based Dena Bank. Canara bank had earlier appointed Ernst and Young, a BIG 4 accounting firm, to advise them on this acquistion. Sometime back, Finance Minister Mr. Chidambaram had advised government owned banks to go in for mergers so that it would create much stronger banks which could compete globally with international banks. I feel this is the way to go, since if we look at the data, there is no Indian bank figuring in the list of top 50 banks, internationally. Bigger banks will enjoy economies of scale and also reduction in operating expenses. Labour Unions have opposed banking mergers to serve their interests. The left parties are also opposing mergers in the banking industry. In India, politics has always managed to stay ahead of economics. Let’s wait and watch the drama unfolding. Good luck to Canara Bank!

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