New Delhi: In a significant development, the Competition Commission of India (CCI) has approved the merger between Fincare Small Finance Bank Limited (Fincare) and AU Small Finance Bank Limited (AU). The amalgamation will see AU emerge as the surviving entity, with shareholders of Fincare receiving shares in the newly formed institution.

AU, a banking entity, offers a spectrum of personal and commercial banking services, ranging from deposits, loans, and digital banking to institutional banking and foreign exchange transactions. Additionally, AU extends its reach into ancillary functions, including the distribution of insurance and investment products.

On the other hand, Fincare, a notable banking player, specializes in deposit services such as savings and fixed deposits, microfinance, and digital banking. The merger marks a strategic move that aims to leverage the strengths of both institutions, creating a more formidable presence in the banking sector.