Padmaja Chunduru, MD & CEO of Indian Bank has said that the integration of human resources (HR) would be the main focus area in the amalgamation process of Indian Bank and Allahabad Bank.
Addressing the first town hall meeting of the two lenders, Chunduru expressed confidence that the merger would be a beneficial one and open up new vistas of growth.
She further stated the integration of (HR) to form a wider talent pool that holds the promise of strong growth for the merged bank and better career prospects for the employees.
As per Chunduru, the bank would derive synergies from wider pan-India presence, economies of scale, higher investments in technology and improving productivity.
S.S. Mallikarjuna Rao, MD and CEO, Allahabad Bank, also assured combined entity would turn into a ‘great bank in the future’.
“The customisation that had gone into the CBS platforms of both the banks will require deeper attention in the process of unification of products and services. There will be capacity for better adaptability to faster technological changes, achieving economies of scale,” he asserted.
Around 1200 employees attended a town hall meeting themed "Bonding Together, Growing Stronger, Scaling Higher" in Chennai held on September 21 to mark Indian Bank and Allahabad Bank's amalgamation.
On August 30, the central government announced the merger of ten banks- Indian Bank and Allahabad; Punjab National Bank (PNB), Oriental Bank of Commerce (OBC) and United Bank; Union Bank of India, Andhra Bank and Corporation Bank and Canara Bank and Syndicate Bank. With this, the number of public sector banks has drop to 12 from 27 earlier.
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