maneesh capstone 2 final

7/31/2019 Maneesh Capstone 2 Final

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A STUDY ON MERGER AND ACQUISITION OF INDIAN BANKING

SECTOR-STRATEGIC AND FINANCIAL IMPLICATIONS

Submittedto Lovely Professional University

Submitted by:

Maneesh Ranjan 3440070090 RQ1705A20

Abhishek Verma 3440070066 RQ1705A16

Neha Sharma 3440070013 RQ1705A06

Rahul Verma 3440070003 RQ1705A04

Supervisor:

Mrs. Neha Tikoo

Lecturer

DEPARTMENT OF MANAGEMENT

LOVELY PROFESSIONAL UNIVERSITY

PHAGWARA


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TO WHOMSOEVER IT MAY CONCERN

This is to certify that the Synopsis titled A STUDY ON MERGER AND ACQUISITION OF INDIAN

BANKING SECTOR-STRATEGIC AND FINANCIAL IMPLICATIONS

carried out by Mr.Maneesh Ranjan, S/o Dr. Asit Ranjan has been accomplished under my guidance &

supervisionas a duly registered MBA student of the Lovely Professional University, Phagwara.

His Synopsis represents his original work and is worthy of consideration for making a research project in

the next term.

___________________________________

(Name & Signature of the Faculty Advisor)

Date:


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DECLARATION

I, "Maneesh Ranjanhereby declare that the work presented herein is genuine work done originally by

me and has not been published or submitted elsewhere for the requirement of a degree program. Any

literature, data or works done by others and cited within this synopsis has been given due

acknowledgement and listed in the reference section.

_______________________

(Students name & Signature)

Date:__________________


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CONTENTS

1. CHAPTER 1 page 6-91.1INTRODUCTION TO MERGER ACQUSITIONS page 71.2THE BRIEF OVERVIEW OF INDIAN BANKING SECTOR page 71.3BANKING SECTOR DEVELOPMENT IN INDIA page 9

2. CHAPTER 2 page 10-132.1REVIEW OF LITERTURE

3. CHAPTER3 page 14-173.1BANK MERGER DETAILS page 143.2ICICI BANK MERGER WITH BOR page 153.3ICICI BANK MERGER WITH BANK OF MADURA page 153.4HDFC AND CENTURION BANK MERGER page 163.5ORIENTAL BANK OF COMMERCE MERGED WITH GLOBAL TRUST BANK

page 16

3.6BANK OF BARODA MERGER WITH SOUTH GUJRAT LOCAL AREA BANKpage 17

4. CHAPTER 4 page 19-204.1RESEARCH DESIGN page 194.2RESEARCH OBJECTIVES page 194.3RESEARCH HYPOTHESIS page 194.4RESEARCH METHODOLOGY page 204.5RESEARCH DATA COLLECTION page 204.6TOOL USED page 20

5. CHAPTER 5 page 22-265.1RESEARCH DATA ANALYSIS page 235.2ANALYSIS OF FINANCIAL PERFORMANCE page 235.3TEST AND ANALYSIS page 24-26

6. CHAPTER 6 page 27-356.1TEST STATISTICS page 286.2T- TEST ANALYSIS page 30


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7. LIMITAION OF STUDY page 358. CONCLUSION page 429. REFERENCES page 4410.BIBLIOGRAPHY page 4611.APPENDIX


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(a) Indian private banks and

(b) Foreign Banks

(3) Regional Rural Banks

Indian Banking Sectors had started witnessing three major reforms which played a key role in reforming

the present situation of the Indian Banking system these reforms were Narishmam Committee I(1991),

Narishmam Committee II(1997) and Verma Committee (1999).Environment in which Indian Banking

sectors were operated witnessed a remarkable change due to these reforms.

The objectives of these reforms were to improve the current conditions of Indian Banking system and to

make them enhance their efficiency and promote a diversified and competitive financial sytem.Thus the

outcomes of these reforms were to consolidate the Indian banking sectors through merger and

acquisition. Technological progress and financial deregulation have played an important role in

accelerating the process of merger and acquisition in Indian banking industry. This technological

advancement had led to increase productivity and performance as a result the overall profit

maximization was there. Size and scale of production was increased to a distinct level. Due to these

reasons Indian banks became capable of facing globalization and thus can generate capital from foreign

also.

Mergers and acquisitions in Indian banking sector have initiated through the recommendations of

Narasimham committee. The committee recommended that merger between banks and Development

Financial Institutions (DFI's) and Non Banking Financial Corporation's (NBFCs) no to seen as a mean of

bailing out weak banks. The committees also stressed, that the combined value of new bank will be

greater, than the combined value of merged banks, and have a "forced multiplier effect."


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CHAPTER 2

REVIEW OF LITERATURE


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The pace of bank mergers and acquisitions is increasing all over the world and it has given rise to an

extensive economic research. Today, there is quite an abundance literature available on the subject of

bank mergers. In literature, there has been number of studies conducted on the impact of mergers on the

efficiency of banks. There is voluminous literature on mergers and acquisitions in developed economies

like US but there is dearth of literature in developing economies like India and other Asian

countries. The literature suggests that there is mixed empirical evidence regarding the impact of mergers

and acquisitions on the efficiency and performance of banks.

Pardeep KAUR, Gian KAUR studied the cost efficiency of Indian commercial banks by using a non-

parametric Data Envelopment Analysis Technique. They also studied the impact of mergers and there

implications on the cost efficiency of those banks that have gone through the process of merger during

post liberalization period. The findings of their study also suggest that the cost efficiency of Indian

public sector banks were 73.4 % and for private sector banks were 76.3 %. Their findings also suggested

that to some extent merger programmed has been successful in Indian banking sector. It was suggested

that the Government and Policy makers should not promote merger between strong and distressed banks

as a way to promote the interest of the depositors of distressed banks, as it will have adverse effect upon

the asset quality of the stronger banks.

Dr. K.A. Goyal & Vijay Joshi

They basically explained what were the benefits of merger and acquisition to the Indian banking system.

They studied the merger of 17 banks in India. After analysis they found following benefits of merger to

all the participants

Sick banks were found to get survived after merger. Merger and acquisition had enhanced branch network geographically. Merger and acquisition had led to development of larger customer base (rural reach). Increased market share. Attainment of infrastructure was greatly increased.

Dr Rohan Rai suggested that afterthe removal of entry barriers and a number of banking-sector reforms

have palyed an important role in making the entire banking activity to start hovering around the long-

awaited customer-centric approach. A large number of new economy private sector banks came into

existence because of these reforms in Indian banking system . Although being small in size they had


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CHAPTER 3

BANK MERGER DETAILS


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ICICI BANK MERGER WITH BOR

IDFC(INDIA RESEARCH)INSTITUTIONAL SECURITIES -ICICI bank has entered into an

agreement with the shareholders of BoR to share the swap ratio of 25:118(25 shares of ICICI bank for

118 shares of BoR), subject to necessary regulatory approvals. Tayal group had larger stake in BoR

approximately 28% but according to SEBI Tayal hold 55% stake in the bank.Because of this BoR has

run into regulatory trouble as SEBI had banned promoters and other entities of the Tayal family from

dealing in securities market on account of in correct disclosure of the promoters holdings in the banks.A

fine of 2.5mn was also levied on bank for allegedly violating various other norms pertaining to

transactions and misrepresentation of various documents.

ICICI bank has announced swap ratio of 1:4.72 for certain shareholders of the bank. It is expected that

the merger would be value creative for ICICI bank in the medium term.With respect to the balance sheet

BoR is significantly smaller than ICICI bank so there is very less impact on asset profile of ICICI bank.

On the contrary to it BoR branch network of 463 branch stands at 25% of ICICI banks current network.

Access to this large branch network would readily benefit ICICI bank.

There was an immense scope for productivity improvement with limited investments.

ICICI BANK MERGER WITH BANK OF MADURA

KARVY RESEARCH- The proposed merger of ICICI bank with bank of Madura is a remarkable one.

The pre market capitalization of ICICI bank was roughly Rs2500 crore while bank of Madura was

roughly Rs 100 crore . Bank of Madura has poor asset portfolio. The scheme af amalgamation will

increase the equity bank of ICICI bank to Rs 220.36cr. ICICI bank had issued 235.4lakh share of Rs 10

each to the shareholder of BOM.The merged entity will have an increase of net base over of Rs160bn

and deposit base of Rs 131bn.The mergerd entity will have 360 branches and a similar number of

ATMsacross the country and also enable the ICICI to serve a large customer bone of 1. 2 million

customers of BOM through a wider network.


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BANK OF BARODA MERGER WITH SOUTH GUJRAT LOCAL AREA BANK

Business Standard -SGLAB established on October 10, 2000 has seven branches and 76 employees.

The bank failed to maintain Cash reserve ratio(CRR) and statutory liquid ratio(SLR) requirements and

had losses of Rs 3.69 crore.One of tye promoters of bank was also accused of Rs 44 crore Suryapur

Cooperative bank scam. This made the situation of the bank even more worse. Thus inorder to protect

the interest of the local area banks depositors it was decided by the cabinet to merger it with Bank of

Baroda.All assets and liabilities of SGLAB would be transferred to the Bank of Baroda as per the merger

formula.The employees of SGLAB will also be absorbed in Bank of Baroda.

NEED OF STUDY

It is observed in literature that most of the work done on mergers and acquisition is based on financial &

accounting aspect like performance of banking institutions. The fastest way to mergers, acquisitions,

takeover etc, is the combination of firms. Indian government consistently has put forward planned

efforts to achieve higher economic growth. Mergers generate gains by improving resource allocation

rather than by reducing tax payments of increasing the market power of the combined firm. While

Income Tax Act 1961carries some incentives to the merged firms, Indian Companies 1956 provides the

procedure for amalgamation. Merger taking place in India are in line with the trend of consolidation that

has characterized the financial services industry and, in particular, the banking industry.

SCOPE OF STUDY

Efforts have been made to measure the impact of banks merger and acquisition. A sample of banks who

have undergone the process of merger and acquisition in last ten years have been taken.The implications

of merger and acquisition on the financial performace of the entities is studied here.The second part of

the study basically deals with the factors that have influenced the merger and acquisition of banks.

CHAPTER 4

RESEARCH DESIGN


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3. Oriental Bank of Commerce Acquires Global Trust Bank Ltd (August '04)4. HDFC bank acquires Centurian bank of Punjab ( may08)5. ICICI Bank Acquires Bank of Rajasthan ( May'10)

Research Data Collection: Secondary Data Collection.

SOURCES OF DATA

The required data on financial performance before and after merger will be collected for the three year

period and they will be obtained from CMIE-PROWESS,business beacon, www.bseindia.com,

www.capitaline.com, www.moneycontrol.com, www.valueresearchonline.com and

www.rediffmoney.com. The data has also been collected from books, journals, magazines.

TOOLS USED

Like Event Studies, where we compare stock prices of the firms a certain days before and after

the mergers.

Second way is T-test: Paired two samples for mean which we are going to use in this paper. We are

selecting this test because so far we have studied this test and the data that will be required for this test is

available with me.

What it does: The Paired Samples T Test compares the means of two variables. It computes the

difference between the two variables for each case, and tests to see if the average difference is

significantly different from zero.

Where to find it: Under the Analyze menu, choose Compare Means, then choose Paired Samples T

Test. Click on both variables you wish to compare, then move the pair of selected variables into the

Paired Variables box.

Hypothesis:

Null: There is no significant difference between the means of the two variables.

Alternate: There is a significant difference between the means of the two variables.
http://www.bseindia.com/http://www.capitaline.com/http://www.moneycontrol.com/http://www.valueresearchonline.com/http://www.rediffmoney.com/http://www.rediffmoney.com/http://www.valueresearchonline.com/http://www.moneycontrol.com/http://www.capitaline.com/http://www.bseindia.com/


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Inorder to study the performance of the target and aquirer companies profitability ratios such as gross

profit margin,Net profit margin,operating profit margin, return on capital employed(ROCE),return on

equity(ROE),debt equity ratio, and operating synergies and financial synergies are used.

In order to study the liquidity performance of acquirer and target companies, ratios such as Current

Ratio, Quick Ratio are used


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CHAPTER 5

RESEARCH DATA ANALYSIS


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ANALYSIS OF DATA

ANALYSIS OF FINANCIAL PERFORMANCE

Empirical tests were carried out on the collected financial data with the help of ratio analysis, t-test. The

pre-merger average performance of the acquirer and target companies were compared with the post

merger performance of the combined firm. The present study attempts to measure and analyze the pre

and post merger performance of acquirer and target companies by using profitability ratio in order to

ascertain whether mergers resulted in shareholders wealth or not.

TEST AND ANALYSIS

Test for EPS

Earnings per share is a very important indicator which shows the rate of return for ordinary shareholders.

In case of mergers, it is even more important to find out as to see if the merger has actually contributed

in increasing shareholders wealth.

The formula for EPS is:

EPS= (Net income-Preference dividends)/ Average outstanding shares

Name Of Bank Avg EPS before Merger Avg EPS afte Merger

ICICI

Bank(2001) 17.6 23.045

Bank Of Baroda 22.275 25.955

Bank Of OBC 20.19 22.975

HDFC 43.29 58.245

ICICI

Bank(2010) 35.565 44.73

MEAN 27.784 34.99

STDEV 11.09855587 15.84563899

VARIANCE 123.1779425 251.084275


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T test value = -0.8329

Test for Current Ratio

A bank is deemed to be sound if it is in a position to carry on its daily transactions smoothly and meet

all its obligations both long-term as well as short term without any strain. The current ratio is the most

commonly used ratio for measuring liquidity position of manufacturing sectors. It expresses the

relationship between current assets and current liabilities. A higher current ratio shows that the

manufacturing company is able to pay its debts maturing within a year.

Current ratio= Current assets/ Current liabilities

Avg Current Ratio pre merger

Avg Current Ratio post

merger

ICICI Bank(2001) 0.03 0.115


Bank Of OBC 0.03 0.05

HDFC 0.04 0.035

ICICI Bank(2010) 0.12 0.11

MEAN 0.055 0.071

STDEV 0.037749172 0.038307963

VARIANCE 0.001425 0.0014675

T test value =

-0.666666667


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Test for Capital Adequacy Ratio

Capital adequacy ratio is the ratio that shows the amount of capital a bank has to cover all its risk that is

risky assets. According to RBI, Indian banks are required to keep 9% capital adequacy.

Capital adequacy ratio= Capital/Risk adjusted assets

Avg CAR pre merger

Avg CAR post

merger

ICICI

Bank(2001) 19.64 11.27


Bank Of OBC 14.04 10.835

HDFC 13.08 16.565

ICICI

Bank(2010) 14.75 19.54

Mean 14.699 14.268

Stdev 2.9511574 3.712772886

Variance 8.70933 13.7846825

T test Value = 0.203206035

Test for Net Profit Margin

Net profit ratio establishes a relationship between net profit (after tax) and income. It indicates overall

efficiency of the banking sector. If the profit is not sufficient, the firm will not be able to achieve

satisfactory returns on investment. This ratio also indicates the firms capacity to face adverse

economic conditions such as competition, low demand etc. Obviously, higher the ratio, better the

profitability.

Avg Net Profit pre merg

Avg Net Profit post

merg


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Bank(2010)

Mean 17.131 15.493

Stdev 6.221055377 8.300850559

Variance 38.70153 68.90412

T test Value = 0.353093339


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CHAPTER 6

TEST STATISTICS


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T TEST

DESCRIPTION OF T-TEST

Paired Samples Statistics

Mean N

Std.

Deviation

Std. Error

Mean

Pair 1 pre merger icici 15.8208 6 12.90561 5.26869

post merger icici 19.0750 6 15.20230 6.20631

Pair 2 pre merger obc 14.4267 6 8.29672 3.38712

post merger obc 17.8817 6 9.92061 4.05007

Pair 3 pre merger Hdfc 20.2183 6 14.26324 5.82294

post merger

HDFC23.0383 6 20.71862 8.45834

Pair 4 Pre merger BOB 12.8192 6 7.70454 3.14537

post merger BOB 13.0083 6 8.50782 3.47330

Pair 5 Pre merger Icici 10.5083 6 6.14777 2.50982

Post merger Icici 11.7767 6 7.14099 2.91530

Paired Samples Correlations

N Correlation Sig.

Pair 1 pre merger icici & post

merger icici6 .973 .001

Pair 2 pre merger obc & post

merger obc6 .860 .028

Pair 3 pre merger Hdfc & post

merger HDFC6 .930 .007


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Pair 4 Pre merger BOB & post

merger BOB6 .935 .006

Pair 5 Pre merger Icici & Post

merger Icici6 .729 .101

As correlation values are positive and less than 1 so these variables are related to each other andinfluencing mutually.

ANALYSIS

ICICI BANK

null hypothesis: there is no significance effect after merger.

alternative hypothesis: there is significant effect after merger and aqusition

Paired Samples Test

Paired Differences

t df

Sig. (2-

tailed)Mean

Std.

Deviation

Std. Error

Mean

95% Confidence Interval

of the Difference

Lower Upper

Pair

1

pre merger icici - post

merger icici

-

3.254173.99599 1.63136 -7.44770 .93937

-

1.9955 .103

Pair

2

pre merger obc - post

merger obc

-

3.455005.07076 2.07013 -8.77643 1.86643

-

1.6695 .156

Pair

3

pre merger Hdfc -

post merger HDFC

-

2.820009.12482 3.72519 -12.39591 6.75591 -.757 5 .483

Pair

4

Pre merger BOB -

post merger BOB-.18917 3.02987 1.23694 -3.36882 2.99049 -.153 5 .884

Pair

5

Pre merger Icici -

Post merger Icici

-

1.268334.98192 2.03386 -6.49653 3.95987 -.624 5 .560


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as t calculated value is -1.996

tabulated value is +/- 1.96

so calculated value is more than tabulated value

RESULT:

null hypothesis is got rejected and altenative hypothesis is accepted

CONCLUSION:

there is significant effect on icici bank after merger.

OBC BANK

as calculated value is less(-1.66) than tabulated value (+/-) so null hypothesis is rejected.

RESULT:

there is no significant effect on bank after merger but it is approaching to significant levelbut

there is not a significance difference.

HDFC BANK AND BOB BANK

as calculated value(-.757) is less than table value and in bob calculated value (-.624) is again less than

tabulated value so null hypothesis is accepted.

Result:

there is no significant effect on hdfc and bob bank after merger and acquisition.


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Total Variance Explained

Comp

onent

Initial Eigenvalues Extraction Sums of Squared Loadings

Total

% of

Variance

Cumulative

% Total

% of

Variance

Cumulative

%

1 7.385 73.849 73.849 7.385 73.849 73.849

2 1.956 19.556 93.405 1.956 19.556 93.405

3 .436 4.363 97.768

4 .211 2.114 99.882

5 .012 .118 100.000

6 6.825E-

166.825E-15 100.000

7 2.096E-

162.096E-15 100.000

8 3.838E-

17 3.838E-16 100.000

9 -1.296E-

16-1.296E-15 100.000

10 -2.524E-

16-2.524E-15 100.000

Extraction Method: Principal Component

Analysis.

As in variance table initially values are same then these values are going to change as variations are

existing so factors are adequate for factor analysis.

Communalities


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EIGEN VALUES

Eigen values are seen on this plot showing values close to 1 and responding most appropriate and major

contribution to research.

Component Matrixa

Component

1 2

pre merger icici .869 -.479

post merger icici .826 -.538

pre merger obc .941 .296

post merger obc .949 -.093


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pre merger Hdfc .951 -.195

post merger

HDFC.855 -.510

Pre merger BOB .878 .406

post merger BOB .689 .702

Pre merger Icici .643 .617

Post merger Icici .932 .059

Extraction Method: Principal

Component Analysis.the values in this

table having value close to .7 and .8

make a comman factor as correct data

deduction is done .

a. 2 components extracted.


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FACTORS RESPONSIBLE FOR MERGER & ACQUISITION IN INDIA

The factors responsible for making the merger and acquisition deals favorable in India are:

Dynamic government policies Corporate investments in industry Economic stability ready to experiment attitude of Indian industrialists

Sectors like pharmaceuticals, IT, ITES, telecommunications, steel, construction, etc, have proved their

worth in the international scenario and the rising participation of Indian firms in signing M&A deals has

further triggered the acquisition activities in India.

In spite of the massive downturn in 2009, the future of M&A deals in India looks promising. Indian

telecom major Bharti Airtel is all set to merge with its South African counterpart MTN, with a deal

worth USD 23 billion. According to the agreement Bharti Airtel would obtain 49% of stake in MTN and

the South African telecom major would acquire 36% of stake in Bharti Airtel.

projected growth over 5 years in banking sector strong projected economic growth banks advances to grow at a cagr of 20%, to become 2.4 times the current size by 2015 estimates do not factor in requirements on account of financial inclusion thrust indian banks lack size with only 1 featuring in the top 100 and 3 in top 200 globally

two different approaches

1. usa large number of banks for large coverage2. uk smaller number of banks (153 incorporated in uk, 328 deposit taking)3. population/ branch very high


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ESTIMATED CAPITAL REQUIREMENT IN 2015

Rs.(000 crs) USD bn

PSU banks 300-350 65-76

Private banks 125-150 27-32

Foreign banks 42-46 9-10

Total 467-546 101-118

KEY FACTORS

M&As essential for creation of Mega banks M&As among mid and smaller sized banks will drive efficiency and growth Mega banks will be able to support industry in global expansion Regulatory framework should allow for inorganic growth especially among private and

foreign banks


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The usual and generally least risky means of increasing global market penetration is through acquisition

of, or joint venture with, a local partner.

Response to deregulation.

Banking, insurance, money management, healthcare,telecommunications, transportation and utilities are

industries that have experienced mid-1990s mergers as a result of deregulation

Response to industry consolidation.

When a series of consolidations takes place in an industry, there is pressure on companies to not be left

out and to either be a consolidator or choose the best partner. Current examples of industries

experiencing significant consolidation are banking, forest products, food, advertising and oil and gas.

Pressure by institutional shareholders to increase shareholder value. Institutional investors and

other shareholder activists have had considerable success in urging (and sometimes forcing) companies

to restructure or seek a merger.

LIMITATION OF STUDY

1 The study is totally based on banking sector and no comparison with other sectors is madehere.

2 The study is limited to three years before merger and three years after merger only


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CONCLUSION

1. After doing analysis of selected major banks that have undergone through merger & acquisitionprocess during the time period from 2000-2010,we found that

2. Out of five banks.. The m&a between ICICI pvt. Ltd. And Bank of madura holds significantimprovement in performance in the post merger period.

3. In case of OBC bank the value of t- test is approaching to significant level but there is nosignificant level seen.

4. In case of HDFC and BOB (bank of baroda) the test statstics are showing the pre and post mergervalues are not get affected so there is not much significant difference between pre and post

merger period as null hypothesis is getting accepted.

5. And thereby looking onto individual ratio analysis we have found that:EPS values-

6. The EPS has raised sharply from pre merger period to post merger period with mean average of 5banks from 27.78% to 34.99%. It means that shareholders has received benefits in the post

merger period and increasing shareholders wealth.

CURRENT RATIO-

7. A higher current ratio shows that the manufacturing company is able to pay its debts maturingwithin a year, but there is not a significant change as the values has slightly increased from

0.055 to .071.

CAR (Capital Adequecacy Ratio)

The capital adequecacy ratio has slightly decrease from 14.69 to 14.26 in the post merger period.

NET WORTH

8. While the networth has increased for the banks which ensures a net profit ratio relationshipbetween net profit (after tax) and income. It indicates overall efficiency of the banking sector.

The value gained significant improvement from 10.26 to 12.97.

ROE

9. IT Tells about amount of net income returned as a percentage of shareholders equity but as ofhere Roe for the banks have decreased from 17.1 to 15.4 though it has been raised in case of

bank of OBC and ICICI bank.


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Therefore it has been obsereved that in all the t-test value we see that the significance value is

approaching significance, but it is not a significant difference. There is no difference between pre- and

post-test scores.

So there is no conclusive evidence that shows the our study on MERGER AND ACQUISITION OF

INDIAN BANKING SECTOR-STRATEGIC AND FINANCIAL IMPLICATIONS in the post

reform period have improved the significant performance of acquiring banks. Overall the banks

have not gained significantly out of the merger and the pre merger and the post merger

performance has been maintained at the similar level


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REFERENCES

Research Articles and Journals

[1] Dario Focarelli, Fabio Panetta and Carmelo Salleo, (Nov., 2002), Why Do Banks Merge?, Journal of

Money, Credit and Banking, Vol. 34, No. 4, pp. 1047-1066

http://www.jstor.org/pss/3270727

[2] Kaur, Gian, Par deep, 2010 , Bank mergers cost efficiency gains among commercial banks in India.

Indian Journal of Economics and Business , Volume: 9, Source Issue: 1

http://www.freepatentsonline.com/article/Indian-Journal-Economics- Business/225073259.html

[3] Bhaskar A Uday,Ratnam C.S,Bhal,2006, Role of communication and hr integration: a study of a

bank merger

http://www.ilera-online.org/15thworldcongress/files/papers/Track_1/Poster/CS1W_13_BHASKAR.pdf

[4] Goyal, Joshi Vijay,2003, Mergers in banking industry of india: some emerging issues, Asian Journal

Of Business And Management Sciences, Vol. 1 No. 2 [157-165]

http://www.ajbms.org/articlepdf/ajbms_2011_1231.pdf

[4] Kaur Pardeep,Kaur Gian, 2010, Impact of Mergers on the Cost Efficiency of

Indian Commercial Banks, Eurasian Journal of Business and Economics,vol3 (5),pp 27-50

http://ejbe.org/EJBE2010Vol03No05p27KAUR-KAUR.pdf

[5] Rai rohan,2011, corporate excellence through mergers and acquisitions: a

Study of icici bankbank of madura merger, asian journal of technology & management research,, vol.

01issue: 01

http://ajtmr.com/papers/vol1issue1/CORPORATE-EXCELLENCE-THROUGH-MERGERS-AND-

ACQUISITIONS.pdf
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http://www.slideshare.net/rajeshmore88/merger-of-oriental-bank-global-trust-bank

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maneesh capstone 2 final

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