AC Mahajan, chairman and managing director of Canara bank said that consolidation of banks was good since it would lead to creation of healthier banks.
He said, "It will be a good advantage."
Regarding bank's performance, Mahajan said that the net worth as on September 2009 was Rs. 13,500 crore as against 12000 crore on March. He said that the net worth would further increase by Rs. 1000-1500 crore by March 2010.
The CMD revealed that the bank had achieved 100 percent Basel II norm stipulations. He said that the bank was in a comfortable position with Capital Adequacy Ratio at 14.46 as against the mandated 9 percent.
In context of core banking service, he said that out of the total 2,860 branches, about 1540 offered such services. "All branches will have CBS by this year end," he added.
He said that the insurance products were also doing well. He pointed out that the bank had collected Rs 500 crore as premium this year and had a target of Rs. 800 crore.
Canara bank has expressed desire to acquire Dena bank. Dena, Andhra and Corporation banks are the most sought after banks for acquisition targets.