FINANCIAL PERFORMANCE ANALYSIS OF PRE AND POST MERGER IN BANKING SECTOR: A STUDY WITH REFERENCE TO ICICI BANK LTD

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1 International Journal of Management (IJM) Volume 7, Issue 7, November December 2016, pp , Article ID: IJM_07_07_025 Available online at Journal Impact Factor (2016): (Calculated by GISI) ISSN Print: and ISSN Online: IAEME Publication FINANCIAL PERFORMANCE ANALYSIS OF PRE AND POST MERGER IN BANKING SECTOR: A STUDY WITH REFERENCE TO ICICI BANK LTD Dr. Veena K.P Associate Professor, Dept. of Master of Business Administration (MBA), Visvesvaraya Technological University, P.G. Centre, Mysore Regional Centre, Mysore , Karnataka, India Prof. S.N. Patti Professor, P.G. Dept. of Business Administration, Berhampur University, Berhampur , Odisha, India ABSTRACT Merger and acquisition plays crucial role in Indian banking sector, it leads to increasing premerger and post merger financial performance of banks to achieve their goals. This paper evaluates the financial performance of the ICICI bank such as, profitability ratio, liquidity ratio, leverage ratio, growth ratio, net profit margin, ROE, ROA, debt equity ratio, current ratio, quick ratio, cash ratio, debt ratio, interest coverage ratio etc. The main aim of the study is to highlight the theoretical background and impact on pre and post merger financial performance of ICICI bank Ltd. and to examine the profitability ratio analysis of pre and post merger financial performance in ICICI bank Ltd and to study the liquidity ratio analysis of pre and also post merger financial performance in ICICI bank Ltd. Finally this study assesses the leverage ratios and growth ratio analysis of pre and post merger financial performance in ICICI bank Ltd. In this article data has been collected from secondary sources and to measure the reliability of data applied group or descriptive statistics and for financial ratios of pre-merger data and post merger data T-test has been applied, therefore the study has been finds out There is no significant difference between pre-merger and post-merger financial performance towards ICICI bank Ltd and There is no relationship between profitability ratio, liquidity ratio, leverage ratio, growth ratio performance towards ICICI Bank Ltd. Therefore the null hypothesis is accepted alternative hypotheses id rejected. Therefore finally this study concludes the post merger financial performance is better compared to the pre merger financial performance of ICICI bank Ltd. Key words: Pre Merger, Post Merger, Profitability Ratio, Liquid Ratio, ICICI Bank Cite this Article: Dr. Veena K.P and Prof. S.N. Patti, Financial Performance Analysis of Pre and Post Merger in Banking Sector: A Study with Reference To ICICI Bank Ltd. International Journal of Management, 7(7), 2016, pp editor@iaeme.com

2 Financial Performance Analysis of Pre and Post Merger In Banking Sector: A Study with Reference To ICICI Bank Ltd 1. INTRODUCTION Mergers and Acquisitions (M&As) are most widely used strategy by firms to strengthen and maintain their position in the market place. M&As are considered as a relatively fast and efficient way to expand into new markets and incorporate new technologies. Still, we can find many evidences that their success is by no means assured. On the contrary, a majority of M&As fall short of their stated aims and objectives. Some failure can be explained and justified by financial and market factors. On the contrary a considerable number can be traced, which has neglected those factors, which are related to human resources issues and activities. Merger is the combination of two or more firms, in other words it can be stated that when two or more firms which are in same or in different product or service line decide to carry their work simultaneously in future. It is also resulted from a various number of studies, although mergers also having some failure results in some of industries. But now-a-days, it is very popular growth oriented strategy especially in developing countries such as India. There are various motives behind Mergers, which force this activity very rapidly, these courses of actions done to expand business, to get synergic advantages, to minimize costs, to maintain strong distribution chain, tax planning, new product development and to face rapid competition, etc. The news of Mergers are very sensitive, it influence the companies involved as well as customers, investors, share prices and other part of an economy in positive or negative way, in form of financial as well as nonfinancial point of view as follows, M= Mixing, E= Entities, R=Recourses for, G=Growth, E= Enrichment, R=Renovation. According to researcher (Ganghan, 2002). Defines Mergers as the comparison of two or more companies in creation of a new entity or formation of a holding company. Acquisition is the purchase of shares or assets another company to achieve a managerial influence not necessarily by mutual agreement. According to Ramaiya (1977) defines A merger or Amalgamation results in the combination of two or more companies in to one, where in the merging entities lose their identities by being absorbed into the merger entity. The history of Industrial Credit & Investment Corporation of India (ICICI) shows that it was formed in 1955 by the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective of ICICI was to create a development financial institution for providing mediumterm and long-term project financing to Indian businesses. In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI became the first Indian company and the first bank or financial institution from non-japan Asia to be listed on the NYSE. The managements of ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI Bank would be the optimal strategic alternative for both the entities, and would create the optimal legal structure for the ICICI group's universal banking strategy. Further, the merger would enhance value for ICICI shareholders through the merged entity by low-cost deposits, greater opportunities for earning fee-based income and the ability to participate in the payments system and provide transaction-banking services. Consequently, ICICI Bank was promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. In October 2001, the Board of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. Shareholders of ICICI and ICICI Bank approved the merger in January 2002, by the High Court of Gujarat at Ahmadabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April The following table shows that mergers and amalgamations done by ICICI Bank editor@iaeme.com

3 Dr. Veena K.P and Prof. S.N. Patti List of banks merger with ICICI bank Ltd SI. No. Mergers by ICICI Bank Ltd. in India Year of Merger 1 SICICI ITC Classic Finance Ltd Anagram Finance Bank of Madura Ltd ICICI Personal Financial Services Ltd ICICI Capital Services Ltd Standard Chartered Grindlays Bank Sangli Bank Ltd The Bank of Rajasthan Ltd. (BoR) 2010 Sources: Goyal, K. A. and Joshi, V. (2011) Mergers in Banking Industry of India. Mergers and Acquisitions have become the crucial means of bank expansion, especially for banking firms seeking commanding heights in global financial markets. Bank mergers produced a sea change in the banking industry structure. Further the banks overseas funds for various purposes ranging from capital expenditure to leveraged M&A financing. Hence, Indian banks are setting up branches and subsidiaries overseas and foreign banks are expanding their operations in India. These bank branches (set up abroad) further target the local population to be profitable and hence target local acquisitions. Evidently, this results in an M&As opportunity for foreign banks to acquire an Indian bank and also Indian banks to acquire foreign banks. For example, ICICI Bank has made an acquisition of a bank in Europe in 2006 to establish itself in a geographical area. To be concluded that mergers and acquisitions of banking sector has takeover supports and solidity in the market driven in the post-liberalization period. Mergers and Acquisitions in the postmergers bidder banks acquire weak banks which understood their stand in the market and stability in the productivity and profitability of bank strong banks. 2. REVIEW OF LITERATURE The lot of research has been conducted on pre and post merger financial performance of ICICI bank Ltd from last few decades. Tiwari (2011), these studies was conducted on mergers of banks some issues and challenges us.this paper attempt to some important dimensions and issues in the post merger regime of banking system in India. These issues may vary from financial restructuring to human resource to IT consolidation etc.this paper main objective is synergy operations and bringing financial strength. There are some issues, questions and challenges which need to be addressed in an inevitable environment of imminent reality of banking mergers in India and also this study recommends narasingham Committee and BASEL conventions have also propagated the need of mergers and consolidations of banking industry to bring synergic consequences in India. Goyal (2012), this study was undertaken on merger and acquisition in banking industry: A case study of ICICI bank Ltd. The main objective of this article is to study the growth of ICICI Bank Ltd. through mergers, acquisitions, and amalgamation. This article is divided into four parts. The first part includes introduction and conceptual framework of mergers and acquisition. The second part discusses the historical background of ICICI Bank Ltd. and followed by review of literature. The third part discusses all the mergers, acquisitions, and amalgamations in detail. Finally, the article concludes that a firm must devise a strategy in three phases such as, pre-merger phase, acquisition phase and post-merger phase etc. Javid (2013), this study was emphasized on impact of merger and acquisition on operating performance and shareholder wealth in Pakistan banking sector. The present paper investigated the impact of merger and acquisitions on operating performance and shareholder wealth in Pakistani banking sector. In this study has been covered data from ,with both domestic and foreign banks which are operating in Pakistan. The present study showed that after the transaction the operating performance from the figures that the ratios editor@iaeme.com

4 Financial Performance Analysis of Pre and Post Merger In Banking Sector: A Study with Reference To ICICI Bank Ltd of operating performance has decreased significantly which shows that the transaction doesn t have a positive relationship with the operating performance of the banks. Fakarudin (2014), this study was undertaken on effects of mergers and acquisitions on revenue efficiency and the potential determinants: evidence from Malaysian banks. This paper discusses on identifying the effects of regulators-guided mergers on production efficiency gains of Malaysian banks as measured by revenue efficiency ratio and capital gearing ratio etc. The paper also examines the potential bank-specific and macroeconomics determinants correlated with revenue efficiency. The study sample consisted of banks that were engaged in mergers during This study results the revenue efficiency did not improve after the merger, meanwhile, size, market power and management quality were shown to be correlated with revenue efficiency of Malaysian banks. Singh (2015), this study was conducted on mergers in service sectors: post merger financial analysis of ICICI bank. This paper evaluates the performance of the ICICI bank, after buy the Sangli Bank in April 2007 and Bank of Rajasthan in May 2010.This study mainly focused on pre and post amalgamation performance was analyzed based on financial statements of ICICI bank from ( ) by using various financial ratios such as, net profit margin, ROA, ROE, ROI, return on advances, debt/equity ratio, current Ratio, quick ratio and EPS.T-test was applied to the various financial ratios for before and after merger data. The results show that, out of total performance ratios of ICICI Bank half of ratios have significantly changed after mergers in both sample cases. Tamragundi (2016), this study was focused on impact of mergers on Indian banking sector: A comparative study of public and private sector merged banks. This paper examines the impact of mergers on performance of selected commercial banks in India and also merger of public sector banks with private sector banks and data have been collected from CMIE data base at IIM, Bangalore and Bank s annual reports and to test reliability of data used Statistical tool such as, Mean, Standard deviation and T-Test etc.finally, the study concludes that, Merger is a useful strategy, through this Banks can expand their operations, serve larger customer base, increases profitability, liquidity and efficiency but the overall growth and financial illness of the bank can t be solved from mergers of public and private sector banks. 3. OBJECTIVES OF THE STUDY The major objectives of the study are as follows 1. To highlight the theoretical background and impact of pre and post merger financial performance of ICICI bank Ltd. 2. To examine the profitability ratio analysis of pre and post merger financial performance in ICICI bank Ltd. 3. To study the liquidity ratio analysis of pre and post merger financial performance in ICICI bank Ltd. 4. To assess the leverage ratios and growth ratio analysis of pre and post merger financial performance in ICICI bank Ltd. 5. To offer findings and suggestions in the light of the study. 4. RESEARCH METHODOLOGY Research is considered as journey from unknown to the known. Methodology is the way to solve the research problem systematically. The required secondary data constitutes the main source of information, suitable for the purpose of the present study. In this study we have selected ICICI bank for analysis of data. The sources of secondary data were collected from Annual reports of ICICI bank. The information for this study is gathered for the time of to And also various national and international journals, periodic publications, working papers, books, articles, thesis, dissertation work on pre and post financial performance of Indian banking sector. For the purpose data analyze applied group or descriptive statistics, independent sample T-test to known the significant relationship between two variables and also to prove the hypotheses of the study to measure the reliability of data editor@iaeme.com

5 Dr. Veena K.P and Prof. S.N. Patti 5. HYPOTHESES The study is based on the following hypotheses Null (H0): There is no significant difference between pre-merger and post-merger financial performance of ICICI bank Ltd. Alternative (H1): There is a significant difference between pre-merger and post-merger financial performance of ICICI bank Ltd. Null (H0): There is no relationship between profitability ratio, liquidity ratio, leverage ratio, growth ratio performance of ICICI Bank Ltd. Alternative (H2): There is relationship between profitability ratio, liquidity ratio, leverage ratio, growth ratio performance of ICICI Bank Ltd. 6. ANALYSIS AND INTERPRETATION Pre and Post Merger Performance measurement though Profitability ratios Table No.1 indicates the profitability ratio analysis of pre and post merger financial performance of ICICI bank Ltd. The profitability ratio are further divided into three types such as, net profit margin, return on assets, return on equity etc. In the context of net profit margin ratio the overall pre merger performance was recorded billion and post merger performance was recorded billion this shows the post merger performance was high compared to pre merger performance in ICICI bank. In the context of pre merger financial performance the highest net profit margin was recorded billion in the year as against lowest net profit margin was recorded billion in the year Further the post merger performance the highest net profit margin was recorded billion in the year as against lowest net profit margin was recorded billion in the year In the context of return on assets the overall pre merger and post merger performance was recorded 3.2 times and times respectively. The highest pre merger performance on return on assets was recorded 1.10 times in the year as against lowest return on assets was recorded 1.10 times in the year Further the post merger performance, the highest return on assets was recorded 1.86 times in the year , as against the lowest return on assets was recorded 1.1 times in the year In the context of return on equity the overall pre merger and post merger performance was recorded 32.2:1 and 69.54:1 respectively. Table 1 Pre and Post Merger Performance through Profitability ratios Profitability Ratios Net Profit Margin Return on Assets Return on Equity Pre-Merger Total [A] Post-Merger Total [B] Grand Total [A+B] Source: Annual Reports of ICICI Bank editor@iaeme.com

6 Financial Performance Analysis of Pre and Post Merger In Banking Sector: A Study with Reference To ICICI Bank Ltd The highest pre merger performance of return on equity was recorded 13.4:1 in the year as against lowest return on equity was recorded 7.70:1 in the year Further the post merger performance, the highest return on equity was recorded 13.73:1 in the year As against lowest return on equity was recorded 7.90:1 in the year To be conclude that post merger financial performance are high or better compared to the pre merger financial performance of profitability ratios in ICICI Bank Ltd. Pre and Post Merger Performance Measurement through Liquidity Ratios Table No.2 represents that liquidity ratio analysis of pre and post merger financial performance of ICICI bank Ltd. The liquidity ratio are further divided into three types such as, current ratio, acid test ratio and cash ratio etc. In the context of current ratio the overall pre merger performance was recorded 1.14 times and post merger performance was recorded 2.71 times this shows the post merger performance was high compared to pre merger performance in ICICI bank. In the context of pre merger financial performance the highest current ratio was recorded 0.90 times in the year as against lowest current ratio was recorded 0.11 times in the year Further the post merger performance the highest current ratio was recorded 1.33 times in the year , As against lowest current ratio was recorded 0.06 times in the year In the context of acid test ratio the overall pre merger and post merger performance was recorded 18.4 times and times respectively. The highest pre merger performance of acid test ratio was recorded 6.42 times in the year as against lowest acid test ratio was recorded 5.94 times in the year Further the post merger performance, the highest acid test ratio was recorded times in the year , as against the lowest acid test ratio was recorded 8.7 times in the year In the context of cash ratio the overall pre merger and post merger performance was recorded times and times respectively. The highest pre merger performance of cash ratio was recorded times in the year as against cash ratio was recorded times in the year Further the post merger performance, the highest cash ratio was recorded times in the year As against lowest cash ratio was recorded times in the year To be conclude that post merger financial performance are high or better compared to the pre merger financial performance of liquidity ratios in ICICI Bank Ltd. Table 2 Pre and Post Merger Performance through Liquidity ratios Liquidity Ratios Current Ratio Acid Test Ratio Cash Ratio Pre-Merger Total [A] Post-Merger Total [B] Grand Total [A+B] Source: Annual Reports of ICICI Bank editor@iaeme.com

7 Dr. Veena K.P and Prof. S.N. Patti Pre and Post Merger measurement through Leverage Ratios Table No.3 shows that leverage ratio analysis of pre and post merger financial performance of ICICI bank Ltd. The leverage ratios are further divided into three types such as, debt ratio, debt-equity ratio and interest coverage ratio etc. In the context of debt ratio the overall pre merger performance was recorded 9.14 times and post merger performance was recorded times this shows the post merger performance was high compared to pre merger performance in ICICI bank. In the context of pre merger financial performance the highest debt ratio was recorded 3.27 times in the year as against lowest debt ratio was recorded 2.75 times in the year Further the post merger performance the highest debt ratio was recorded 8.99 times in the year , as against lowest debt ratio was recorded 4.70 times in the year In the context of debt equity ratio the overall pre merger and post merger performance was recorded 23.76:1 and 45.47:1 respectively. The highest pre merger performance of debt equity ratio was recorded 11.42:1 in the year as against lowest debt equity ratio was recorded 5.72:1 in the year Further the post merger performance, the highest debt equity ratio was recorded 7.27:1 in the year , as against the lowest debt equity ratio was recorded 5.74:1 in the year In the context of interest coverage ratio the overall pre merger and post merger performance was recorded 38.96:1 and :1 respectively. The highest pre merger performance of interest coverage ratio was recorded 13.47:1 in the year as against lowest interest coverage ratio was recorded 12.69:1 in the year Further the post merger performance, the highest interest coverage ratio was recorded 16.19:1 in the year As against lowest interest coverage ratio was recorded 12.62:1 in the year To be conclude that post merger financial performance are high or better compared to the pre merger financial performance of leverage ratios of ICICI Bank Ltd. Table 3 Pre and Post Merger Performance through Leverage ratios Leverage Ratios Debt Ratio Debt-Equity Ratio Interest Coverage Ratio Pre-Merger Total [A] Post-Merger Total [B] Grand Total [A+B] Source: Annual Reports of ICICI Bank. Pre and Post Merger Performance through Growth ratios Table No.4 depicts that growth ratio analysis of pre and post merger financial performance of ICICI bank Ltd. The growth ratios are further divided into two types such as, Earning Per Share (EPS) and Dividend Per Share (DPS) etc. In the context of earning per share the overall pre merger performance was recorded Rs and post merger performance was recorded Rs, this shows the post merger performance was high compared to pre merger performance in ICICI bank. In the context of pre merger financial performance the highest earning per share amounts to Rs.39.4 in the year as against lowest earning per share amounts editor@iaeme.com

8 Financial Performance Analysis of Pre and Post Merger In Banking Sector: A Study with Reference To ICICI Bank Ltd to Rs.33.8 in the year Further the post merger performance the highest earning per share amounts to Rs in the year as against lowest earning per share amounts to Rs in the year In the context of Dividend Per Share (DPS) the overall pre merger and post merger performance amounts to Rs and Rs respectively. The highest pre merger performance of dividend per share amounts to Rs in the year as against lowest dividend per share amounts to Rs in the year Further the post merger performance, the highest dividend per share amounts to Rs in the year , as against the lowest dividend per share amounts to Rs.5.00 in the year To be conclude that post merger financial performance are high or better compared to the pre merger financial performance of growth ratios of ICICI Bank Ltd Table 4 Pre and Post Merger Performance through Growth ratios Growth Ratios Earnings Per Share (EPS) Dividend Per Share (DPS) Pre-Merger Total [A] Post-Merger Total [B] Grand Total [A+B] Source: Annual Reports of ICICI Bank. 7. FINDINGS OF THE STUDY The following are the major findings of the study In the context of net profit margin ratio the overall pre merger performance was recorded billion and post merger performance was recorded billion this shows the post merger performance was high compared to pre merger performance in ICICI bank. Further the return on assets the overall pre merger and post merger performance was recorded 3.2 times and times respectively. The overall return on equity of pre merger and post merger performance was recorded 32.2:1 and 69.54:1 respectively. In the context of current ratio the overall pre merger performance was recorded 1.14 times and post merger performance was recorded 2.71 times this shows the post merger performance was high compared to pre merger performance in ICICI bank. The overall acid test ratio of pre merger and post merger performance was recorded 18.4 times and times respectively editor@iaeme.com

9 Dr. Veena K.P and Prof. S.N. Patti Further overall cash ratio of pre merger and post merger performance was recorded times and times respectively. In the context of debt ratio the overall pre merger performance was recorded 9.14 times and post merger performance was recorded times this shows the post merger performance was high compared to pre merger performance in ICICI bank. The overall debt equity ratio of pre merger and post merger performance was recorded 23.76:1 and 45.47:1 respectively. In the context of interest coverage ratio the overall pre merger and post merger performance was recorded 38.96:1 and :1 respectively. The overall earnings per share of pre merger performance was recorded Rs and post merger performance was recorded Rs this shows the post merger performance was high compared to pre merger performance in ICICI bank. In the context of dividend per share (DPS) the overall pre merger and post merger performance amounts to Rs and Rs respectively. 8. SUGGESTIONS FOR THE STUDY The following are the suggestion for the study Government of India and RBI to liberalize their policies in connection with Mergers and Acquisitions to increase number of deals between the banks, it leads to increasing profitability of the banks. Banks should be create awareness relates to merger and acquisition, intensify training and retraining progrmames for all staff, particularly the management staff, to improve management efficiency. Insure banks post merger legal battles in India. Even mergers happen between two entities or banks can attract Income tax in India if there is a remote link with Indian entities before or after mergers. The banks should be concentrate on liquid management competencies after the pre merger and post merger acquisition make out the proper strategies to maintain liquidity position of the banks. The risk of bad loan constitutes the greatest threat to the existence of a banking institution. so the banks should analyze pre merger and post merger financial performance of the banks. 9. CONCLUSION Banking sector is one of the faster growing areas in the Indian economy. Mergers and acquisitions considered as one of the most useful strategy for expansion. M&A in Indian banking sector has provided evidence that it is useful tools for survival of weak banks by merging in to larger banks. The present study focused on overall ten years of years of performance data out that three years considered as pre-merger performance ( ) and remaining seven years considered as post-merger performance ( ), for the purposes of measure the performance of ICICI bank they used different ratios such as, profitability ratio, liquidity ratio, leverage ratio and growth ratios, this results shows banks are able to performance better after merger with other banks. Finally in this study post merger performance standards are better compared to the pre merger performance standards therefore post- merger movement as well as impact of merger on acquiring entity i.e. ICICI Bank Ltd editor@iaeme.com

10 Financial Performance Analysis of Pre and Post Merger In Banking Sector: A Study with Reference To ICICI Bank Ltd REFERENCES [1] Sanjay, Tiwari, (2011). Mergers of banks some issues and challenges us, International Journal of Multidisciplinary Research, , 1(4). [2] Kemal, M.U., (2011). Post-merger Profitability: A Case of Royal Bank of Scotland (RBS), International Journal of Business and Social Science, 2(5), March 2011 [3] Goyal, K.A. (2012). Merger and Acquisition in banking industry: A case study of ICICI bank Ltd, International Journal of Research in Management, ISSN , 2(2) [4] Madan, Mohan Dutta., and Suman, Kumar Dawn. (2012). Merger and Acquisitions in Indian Banks after Liberalization: An Analysis, Indian Journal of Commerce and Management Studies, 3(1), January, pp [5] Amir, Javid, (2013). Impact of merger and acquisition on operating performance and shareholder wealth in Pakistan banking sector, Interdisciplinary Journal Contemporary Research in Business, 5(2361) [6] Fakarudin, (2014). Effects of Mergers and Acquisitions on Revenue Efficiency and the Potential Determinants: Evidence from Malaysian Banks, Journal of Social Science and Humanities, ISSN: , 22 (S): pp [7] Simranjeet, Singh, (2015). Mergers in Service Sectors: Post Merger Financial Analysis of ICICI bank, International Journal of Applied Research, ISSN Print: , ISSN Online: , [8] Srinivasan. R (2015). M&AS in the Indian banking sector-strategic and financial implications, Tejas, IIMB (Article, July 2015), [9] Sumit Kumar Bali and Dr Kirti Agarwal, Financial Performance of Selected Banks in Patiala - (Punjab National Bank, Union Bank, HDFC Bank, Axis Bank & ICICI Bank). International Journal of Advanced Research in Management (IJARM), 6(2), 2016, pp [10] Dr. N. Shani, Anand Kumar, P.Divya Priya, A Study On Role of Internal Work Motivation and Its Outcomes of Among ICICI Bank Employees. International Journal of Management, 2(2), 2011, pp [11] Tamragundi, A.N. (2016). Impact of mergers on Indian banking sector: A comparative study of public and private sector merged banks. International Journal of Research in Management, Social Sciences & Technology, ISSN , (Online) editor@iaeme.com