SyndicateBank and Canara Bank to merge in a $2.1bn deal.

SyndicateBank, a leading Indian nationalized bank to merge into Canara Bank, one of the largest PSB owned by govt. of India as the part of the amalgamation of banks to form the fourth largest bank in India with combined assets worth $21.4bn and 10.3k branches. Syndicate Bank stated that its Board of Directors had approved the amalgamation of Syndicate Bank into Canara Bank.