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Canara Bank, Syndicate Bank merger to create 4th largest PSB in India

Canara Bank's planned merger with Syndicate Bank Ltd. will create India's fourth-largest public sector bank, according to data compiled by S&P Global Market Intelligence.

The merger is part of the Indian government's push to consolidate the banking sector, with its latest plan involving the merger of 10 state-owned lenders into four bigger banks. The merged entity will have total assets of about 10.248 trillion rupees and total net loan of about 6.332 trillion rupees.

The merger will initially be negative for Canara Bank's intrinsic risk profile, said Fitch Ratings in an Oct. 4 note, as Syndicate Bank will add to the pressures on asset quality and earnings. However, this could be offset by the government's plan to inject 65 billion rupees into Canara Bank, the rating agency said added. The merger is set to be completed in April 2020.

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As of Oct. 15, US$1 was equivalent to 71.49 Indian rupees.