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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. - IDBI Bank homes in on Federal Bank for acquisition - IDBI Bank zeroes in on Federal Bank for acquisition - Low rates help banks post robust growth - IDBI Bank Q3 net up 29% at Rs 287 cr - Cash-strapped IDBI Bank seeks capital rejig - IDBI Bank moves ahead on bank buy 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.

Wonga commented:

Thanks for sharing this very halpful news with us and its really good that you cleared the speculation in your blog about IDBI\'s acquisition of fedral bank.

03.11.2011

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