Sangli Bank’s Employees oppose merger with ICICI Bank

ICICI Bank recently announced that they were going to acquire the Sangli Bank. However this merger is being opposed by the workers in the Sangli Bank who are somewhat apprehensive about ICICI Banks’ foreign ownership.

Even the Reserve Bank of India wants such kinds of deals to go through as it would help smaller banks to get a bigger leadership strengthening the banking structure in the country.

As many as 2000 Sangli bank employees are opposing this deal with ICICI Bank which is the nation’s largest private banking institution.

Now, even the All India Bank Employees Association (AIBEA) has threatened to join the protest to protect the interests of their members working in Sangli Bank.

Sangli Bank Employees Union general secretary Mallikarjun Sopal said in a statement that ICICI Bank is under the control of foreign investors who have 74 per cent stake in the bank.

He further said that ICICI Bank mostly relies upon temporary workers and they might get that status after the merger. Situation is made worse by the fact that ICICI retained just around 350 of the 4000 employees of the Madurai Bank of Kerala after merging with it in the past. In addition, ICICI Bank is also not a member of the Indian Banks Association.

The employees are asking that if the bank needs to be merged with a bigger entity, merge it with a nationalized bank.

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