Online BusinessFederal 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.
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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.