The Government of India has today sanctioned the scheme for amalgamation of the Global Trust Bank Ltd. with the Oriental Bank of Commerce. The amalgamation will come into force on August 14, 2004. All the branches of Global Trust Bank Ltd. will function as branches of Oriental Bank of Commerce with effect from this date.

Customers, including depositors of the Global Trust Bank Ltd., will be able to operate their accounts as customers of Oriental Bank of Commerce with effect from August 14, 2004. Oriental Bank of Commerce is making necessary arrangements to ensure that service, as usual, is provided to the customers of the Global Trust Bank Ltd.

In accordance with the Scheme of Amalgamation if any surplus remains after meeting all the liabilities out of the realisation of assets of the Global Trust Bank Ltd., the shareholders may receive pro-rata payment.