ICICI Bank assure job security for BoR Employees

ICICI Bank on Sunday said jobs of over 4,000 employees of Bank of Rajasthan, which it is acquiring, are safe and that there would be no layoffs or discrimination against its new staff members. "Whenever we do a merger and acquisition, we treat the employees of the acquired bank as a part of our parivar (family), we will take care of them (BoR employees) as our own employees, we are not here to retrench people," ICICI bank managing director and CEO Chanda Kochhar told. ICICI Bank, the country's largest private sector lender, had in the past acquired Bank of Madura and Sangli Bank and there had been no retrenchments even then.
Last week, the boards of ICICI Bank and BoR approved the merger through a share swap ratio which values the latter at about Rs 3,000 crore. As per the board decision, the transaction would be done by way of offering 25 shares of ICICI for every 118 shares of BoR. BoR employees need have no fear of loss of jobs, Kochhar said, adding, "employees will become a part of our parivar." ICICI Bank's employee strength will go up to 39,000 from the current 35,000 employees after the merger.