ICICI Bank looks to acquire Karnataka Bank

The country’s largest private sector bank, ICICI Bank, is learnt to have submitted a formal proposal to the Reserve Bank of India (RBI) to acquire Karnataka Bank, an old and listed private sector bank with a nationwide presence and over 500 branches. In May 2010, ICICI Bank had acquired Bank of Rajasthan, another old bank. According to sources close to the development, Kotak Bank, one of the new private sector banks, too had evinced interest in the 88-year old Karnataka Bank, but it is not clear if it has approached the banking regulator with a formal proposal. A possible acquisition of the bank has, in fact, been talked about for almost two years now. RBI did not respond to a detailed questionnaire mailed to it earlier in the day........

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