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Ujjivan Small Finance Bank seeks reverse merger with listed parent

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Ujjivan Small Finance Bank seeks reverse merger with listed parent

India's Ujjivan Small Finance Bank plans to postpone a planned public listing in order to merge with its parent Ujjivan Financial Services Ltd., which launched its own IPO in 2016, Mint reported, citing the bank's CEO and managing director, Samit Ghosh.

Ghosh said the bank aims for a reverse merger in five years, which would allow Ujjivan Financial Services to transfer its listed status to its banking subsidiary. The bank is seeking an extension from the Indian central bank to postpone the public listing, which is seen as a requirement by the regulator when it granted the bank license, Ghosh said.

The bank is also looking to expand its focus on housing, micro, small and medium enterprises and retail loans, and cut down its microfinance portfolio to 50% of the overall loan book in the next five years, the CEO added.