Multiple choice

The merger of ______________ and ______________ was the first M and A activity after liberalisation.

  1. Times Bank and HDFC Bank

  2. New Bank of India and Punjab National Bank

  3. ICICI and ICICI Bank

  4. GTB and Oriental Bank of Commerce
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C Correct answer
Explanation

The merger of ICICI Ltd with ICICI Bank in 2002 (effective April 2002) was the first major M&A activity after financial liberalization in the 1990s. This was a reverse merger where the parent company ICICI Limited merged into its subsidiary ICICI Bank. This created India's first universal bank and set the precedent for similar consolidations in the Indian financial sector. The merger was completed in fiscal 2002-03.

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