Bharat Financial Inclusion Limited (BFIL), formerly SKS Microfinance, on Monday said it had signed an exclusivity agreement for a potential merger with IndusInd Bank.
Statements issued by BFIL and IndusInd Bank confirmed months of speculation over negotiations between the two parties. Another potential acquirer, RBL Bank, is now out of contention.
BFIL Chief Executive Officer and Managing Director M R Rao said the merger would result in a lower cost of funds and would help the company offer its customers savings products. On its existing and new initiatives, such as home improvement loan products, Rao said the company would continue to explore these post-merger.
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