Meeting of the board of directors of the Union Bank of India on September 9 to approve the merger
New Delhi, September 4 () The state-owned State Bank of India said Wednesday that its board will meet on September 9 to approve the merger of Andhra Bank and Corporation Bank.
In addition, the board would also deal with the issue related to the infusion of Rs 11.7 billion rupees, Union Bank of India said in a regulatory document.
In a separate presentation, United Bank of India said its board meeting will be held on September 6 to approve its merger with Punjab National Bank.
On August 30, the government unveiled a mega plan to merge 10 public sector banks into four.
Four new merger sets are: Punjab National Bank, Oriental Bank of Commerce and United Bank of India will combine to form the country's second largest lender; Canara Bank and Syndicate Bank will merge; Union Bank of India will be merged with Andhra Bank and Corporation Bank, and Indian Bank will be merged with Allahabad Bank.
The exercise, seen together with the previous two rounds of bank consolidation, will reduce the number of nationalized PSBs to 12 of 27 in 2017. Before the merger of the Bank of Baroda this year, the government had experience in the State Bank of India, which had merged five of its associated banks: State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and the State Bank of Hyderabad and also the Bhartiya Mahila Bank as of April 2017. DP HRS