AIBEA opposes merger of Sangli Bank with ICICI Bank

Mumbai, Feb 5 (UNI) The All India Bank Employees Association (AIBEA) has opposed the recent take-over of the Sangli Bank in Maharashtra by the leading private sector ICICI Bank by lodging a complaint with most of the regulatory authorities.

The Maharashtra State Bank Employees Federation, general secretary S D Dhopeshwarkar told UNI the AIBEA had lodged the complaint with Securities and Exchange Board of India (SEBI), Reserve Bank of India and the Company Law Board (CLB).

He pointed out that the method adopted by Sangli Bank and ICICI Bank for take-over was not transparent and was not in the interest of shareholders nor the employees of the Sangli Bank.

''We are opposed to such a merger till satisfactory clarifications is offered to all concerned parties including investors and employees in public interest,'' he added.

UNI