CORPORATION BANK - Clarifies on News Item

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18 May 2015
With reference to the news item appearing in newspaper dated May 18, 2015 titled "Corporation Bank abandons plans to take over ailing Rupee Bank", Corporation Bank has Clarified to BSE as under :<BR><BR>"Bank had received a request from the Administrator of Rupee Co-operative Bank Ltd., Pune for discussing the possibilities of takeover of the said Cooperative Bank by Corporation Bank.<BR><BR>Whilst on this, based on the observations in the detailed audit cum due diligence conducted by a reputed audit firm, the Bank decided not to evince interest in the said proposal.<BR><BR>Since the request for takeover was declined ab-initio for the reason mentioned above, we are of the view that Clause No.36 of the Listing Agreement is not applicable.<BR><BR>As far as increase in price of the scrip of the Bank, the same may be due to normal market movement. Incidentally the Annual Results of the Bank was declared on May 16, 2015."
View all announcements for CORPORATION BANK	Source: BSE India

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