Bank of Madura: Difference between revisions

Revision as of 21:11, 20 September 2021

'Bank of Madura was a Tamil Nadu-based bank established in 1943 by Karumuttu Thiagarajan Chettiar as Bank of Madurai.^[1] It acquired Chettinad Mercantile Bank (est. 1933) and Illanji Bank (est. 1904) during the 1960s. The Bank of Madura was a Chettiar bank with a large customer base of over 2 million customers and a network of more than 280 branches and 40+ ATM centres spread across around 100 cities in India. The bank merged with ICICI Bank Limited, under Section 44A of the Banking Regulation Act, 1949, under the leadership of Chairman K.M. Thiagarajan. The Bank had roughly 44 billion INR in assets at the time of the merger, not accounting for inflation.^[1] The Reserve Bank of India approved the merger effective 10 March 2001. It was headquartered at Madurai.

The parties involved and news outlets alike described the merger as a positive strategic move. Bank of Madura shareholders approved the merger on 19 January 2001.^[2] Following the merger the Bank of Madura's share price initially rose sharply.^[2]

References

↑ ^1.0 ^1.1 Paul, Justin (September 2003). "Bank of Madura Merger with ICICI Bank: An Analysis". {{cite journal}}: Cite journal requires |journal= (help)
↑ ^2.0 ^2.1 "ICICI Bank, Bank of Madura boards approve merger - Times of India".

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[ssrn-1] 1.0 ^1.1 Paul, Justin (September 2003). "Bank of Madura Merger with ICICI Bank: An Analysis". {{cite journal}}: Cite journal requires |journal= (help)

[toi-2] 2.0 ^2.1 "ICICI Bank, Bank of Madura boards approve merger - Times of India".

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[2]

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 {{Use dmy dates|date=October 2015}}
 {{Use Indian English|date=October 2015}}
-'''Bank of Madurai''' was a massive [[Tamil Nadu]] based bank established in 1943 by [[Karumuttu Thiagarajan Chettiar]].<ref name="ssrn">{{Cite journal | url=https://poseidon01.ssrn.com/delivery.php?ID=405072103003093090080085085089125098018009066012037092123121112089028091073115097108110101057026123124054118031100114014105098058005037041060001005018101075087101027042010007110118115093084031022095119115007000115008085069069022015009126068027001020&EXT=pdf |title = Bank of Madura Merger with ICICI Bank: An Analysis|date = September 2003|last1 = Paul|first1 = Justin}}</ref> It acquired [[Chettinad Mercantile Bank]] (est. 1933) and [[Illanji Bank]] (est. 1904) throughout the course of the 1960s. The Bank of Madura was a [[Chettiar]] bank with a large customer base of over 2 million customers and a network of more than 280 branches and 40+ [[Automatic teller machine|ATM]] centres spread across around 100 cities in India. The bank merged with [[ICICI Bank]] Limited, under Section 44A of the [[Banking Regulation Act, 1949]], under the leadership of Chairman [[K.M. Thiagarajan]]. The Bank had roughly 44 billion [[Indian rupee|INR]] in assets at the time of the merger, not accounting for inflation.<ref name="ssrn"/> The [[Reserve Bank of India]] approved the merger effective 10 March 2001. It was headquartered at [[Madurai]].
+'''Bank of Madura''' was a [[Tamil Nadu]]-based bank established in 1943 by [[Karumuttu Thiagarajan Chettiar]] as '''Bank of Madurai''.<ref name="ssrn">{{Cite journal | url=https://poseidon01.ssrn.com/delivery.php?ID=405072103003093090080085085089125098018009066012037092123121112089028091073115097108110101057026123124054118031100114014105098058005037041060001005018101075087101027042010007110118115093084031022095119115007000115008085069069022015009126068027001020&EXT=pdf |title = Bank of Madura Merger with ICICI Bank: An Analysis|date = September 2003|last1 = Paul|first1 = Justin}}</ref> It acquired [[Chettinad Mercantile Bank]] (est. 1933) and [[Illanji Bank]] (est. 1904) during the 1960s. The Bank of Madura was a [[Chettiar]] bank with a large customer base of over 2 million customers and a network of more than 280 branches and 40+ [[Automatic teller machine|ATM]] centres spread across around 100 cities in India. The bank merged with [[ICICI Bank]] Limited, under Section 44A of the [[Banking Regulation Act, 1949]], under the leadership of Chairman [[K.M. Thiagarajan]]. The Bank had roughly 44 billion [[Indian rupee|INR]] in assets at the time of the merger, not accounting for inflation.<ref name="ssrn"/> The [[Reserve Bank of India]] approved the merger effective 10 March 2001. It was headquartered at [[Madurai]].
-The merger was received well and benefitted the Bank of Madura, with their share price sharply rising, and finally closing at Rs 142 - over double what they hovered at only weeks ago. ICICI, however saw a sharp drop in their share price totally four rupees, it closing at Rs 164.<ref name="toi">{{Cite web | url=https://timesofindia.indiatimes.com/ICICI-Bank-Bank-of-Madura-boards-approve-merger/articleshow/11443736.cms | title=ICICI Bank, Bank of Madura boards approve merger - Times of India}}</ref> The move was described as a positive strategic manoeuvre by the parties involved and news outlets alike. Bank of Madura Shareholders signed off on the deal on the 19th of January, 2001, agreeing to a 2:1 merger.<ref name="toi"/>
+The parties involved and news outlets alike described the merger as a positive strategic move. Bank of Madura shareholders approved the merger on 19 January 2001.<ref name="toi"/> Following the merger the Bank of Madura{{'}}s share price initially rose sharply.<ref name="toi">{{Cite web | url=https://timesofindia.indiatimes.com/ICICI-Bank-Bank-of-Madura-boards-approve-merger/articleshow/11443736.cms | title=ICICI Bank, Bank of Madura boards approve merger - Times of India}}</ref>
 ==See also==
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 {{ICICI Group}}
-{{DEFAULTSORT:Bank Of Madurai}}
+{{DEFAULTSORT:Bank Of Madura}}
 [[Category:Banks established in 1943]]
 [[Category:Indian companies established in 1943]]
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 {{india-company-stub}}
 {{Asia-bank-stub}}
-{{en-Wikipedia}}