Seeking to put to rest rumours about his bank being an acquisition target, Karnataka Bank MD and CEO Mahabaleshwara MS on Monday said his bank is committed to maintaining its identity and is open to acquiring a good bank when the times comes.
Emphatically stating that his bank is not open to be acquired, the chief of the Mangaluru-headquartered old generation private sector bank underscored that his bank has the capital and can also depend on shareholders’ backing to make an acquisition. He, however, said the bank has not been aggressive on the acquisition front.
The bank had, in the 1962-1969 period, made three acquisitions — Shringeri Sharada Bank, Chitradurga Bank and Bank of Karnataka.
Elaborating on the ‘Vision 2020’ plan, Mahabaleshwara said the 93-year old bank plans to double its total business to ₹1,80,000 crore by 2020 from ₹94,000 crore.