- Amalgamation of Syndicate Bank into Canara Bank comes into effect from April 1, 2020
- Combined Bank to have 10391 branches, 12829 ATMs along with a business size of 16 lakh + crore
- The benefit of best of technology and digital experiences from both Banks
- Combined strength of 91685 employees provides an excessive pool of talent
- Customers to benefit from a wider suite of products and offerings with better pricing
- Greater focus to front-end customer-facing roles will lead to improved customer experience excellence
Sharing views on this important milestone, Shri. L.V.Prabhakar, MD & CEO, Canara Bank, said, “It is a momentous day in the chronicles for both our Banks that are driven by the cause of nation-building and with a rich heritage of customer care and services. We are delighted that following the amalgamation as a single legal entity, we will become a powerful banking institution that is globally competitive and efficient working towards providing differentiated customer experience excellence across all our products and services. The combined entity will be large but with an unchanged approach to grass-rooting banking, customer delight, and satisfaction. The amalgamated Bank shall massively enhance the reach of banking services to the larger public and augment the financial inclusion activities currently underway. This is a historic endeavour and we will continue to serve our customers with renewed energy and vitality as we make a meaningful contribution towards our role in boosting India’s economy."
From April 1, 2020, the amalgamation of Canara Bank and Syndicate Bank comes to effect to create India’s 4th largest public sector bank. Consequent to the announcement regarding amalgamation by the Govt. of India, the Boards of both banks had given in-principle approval on 13th September 2019; in due course of the timeline, the process has culminated.
As per notification dated 30th August 2019 by Reserve Bank of India, all branches of Syndicate Bank will function as branches of Canara Bank from April 1, 2020. Customers, including depositors of Syndicate Bank, will be treated as customers of Canara Bank with effect from said date.
The Amalgamated Bank
The amalgamated bank will be the fourth-largest public sector bank in the country. It will have a wider geographical reach with 10391 branches, 12829 ATMs and 91685 employees along with a business size of 16 lakh + crore respectively.
The amalgamation will lead to a significant expansion in business size, thus the economies of scale is expected to translate into better profitability, wide product offering and adoption of state-of-the-art technology catalyzing growth. The bank’s branch network will be doubling in the states of Andhra Pradesh, Telangana, and Uttar Pradesh.
Technology integration
The key services will be provided for the customers of both banks, so that customers in any of the branches, regardless of whether they are customers of erstwhile Canara Bank or Syndicate Bank, can avail of these services. The bank will ensure flawless IT integration at all level keeping in mind the comprehensive fraud monitoring solution, assuring customer’s protection from cyber and digital fraud. All digital platforms viz. mobile banking, UPI & Internet banking embedded with various security tools for better security.
Enhanced Employer Brand
The amalgamation will surely provide brighter professional prospects for each of the staff members. The bank will be adopting the “best of both” principle while deciding employee benefits. The combined employee strength gives the bank an additional great pool of talent that is unmatched by any other bank.
Customer Experience Excellence
The banking services offered to the customers will continue uninterrupted with the best of features of both the banks. To reinforce the feeling of being a part of a single large banking institution, the bank will be providing 12 interoperable services to its customers of the amalgamated bank with effect from 1st April 2020. Various functional committees have developed common products with the ‘best of the two’ features for better customer satisfaction and delight.
The combined entity will have a network close to 10391 branches, approximately 12829 ATMs across India. Customers can also choose from a broader suite of products & services.
The consolidation will also provide a broader geographic footprint and help to derive the benefit of size, scale, and strength along with a wider suite of products and offerings with better pricing, greater accessibility due to wide network coverage, improved customer service due to more allocation of staff to front end customer-facing roles and opportunity of more wealth management/ add on services.
About Canara Bank:
Widely known for customer centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, then a small port town in Karnataka. The Bank has gone through the various phases of its growth trajectory over hundred years of its existence. Growth of Canara Bank was phenomenal, especially after nationalization in the year 1969, attaining the status of a national level player in terms of geographical reach and clientele segments. Eighties was characterized by business diversification for the Bank. In June 2006, the Bank completed a century of operation in the Indian banking industry. The eventful journey of the Bank has been characterized by several memorable milestones. Today, Canara Bank occupies a premier position in the comity of Indian banks. Canara Bank has several firsts to its credit.
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