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Tuesday, October 16, 2012

Karnataka, Kotak, ICICI banks deny reports on takeover

Karnataka Bank Ltd, which is in news in a section of the media as a takeover target, has denied any such moves. ICICI Bank and Kotak Mahindra Bank have also denied any such moves of acquiring.

On different occasions, a section of the media reported that these two banks were looking to acquire Karnataka Bank.

In an announcement on the NSE on Tuesday, Karnataka Bank said: “We deny any such rumours as reported in the media. The investors may note the same.”

When contacted, Managing Director of the bank P. Jayarama Bhat denied such moves.

A few months ago, a section of the media reported that Kotak Mahindra Bank is looking to acquire Karnataka Bank, which was denied by Karnataka Bank then also. On Tuesday, a report in a publication stated that ICICI Bank is looking to acquire this Mangalore-based bank.

Following a query by the NSE in this regard, Kotak Mahindra Bank also denied such moves. A statement by Kotak Mahindra Bank to the NSE said: “We deny the rumour.”

Denying any such moves following a query by the NSE in this matter, ICICI Bank said: “This is to inform you that ICICI Bank is currently not considering merger or acquisition of any bank.”

However, the scrip of Karnataka Bank touched a 52-week high of Rs 127 on the BSE on Tuesday following this news. The scrip ended the session up by 2.07 per cent at Rs 123.30 on the BSE.


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