Boards of Corporation Bank, Allahabad Bank give in-principal approval for respective merger plans

Corporation Bank on Monday said the board has given its in-principle approval for the merger with Union Bank of India

Press Trust of India September 17, 2019 11:47:43 IST
Boards of Corporation Bank, Allahabad Bank give in-principal approval for respective merger plans
  • The union government in late August had approved to merge 10 state-run banks into four entities with an aim to strengthen them as also to cut down a number of publicly hold banks into of the global sized banks

  • With these merger proposals, the number of state-owned banks in India is slated to come down to 12 from 19 earlier

  • Until 2017, there were as many as 27 banks under the ownership of government

New Delhi: Corporation Bank on Monday said the board has given its in-principle approval for the merger with Union Bank of India.

"The board of directors in its meeting held on 16 September, 2019 has given in-principle approval for the amalgamation of the Corporation Bank into Union Bank of India," it said in a regulatory filing.

Earlier on 9 September, Union Bank of India had informed about an in-principle approval of its board for the amalgamation of Andhra Bank and Corporation Bank into it.

Boards of Corporation Bank Allahabad Bank give inprincipal approval for respective merger plans

Representational image. Reuters.

While, Andhra Bank board on 13 September had given its in-principle approval for the amalgamation of the lender alongside Corporation Bank into Union Bank of India.

In a separate filing, Allahabad Bank said that "board of directors of the bank in its meeting held on 16 September, 2019 has considered and accorded its in-principle approval for amalgamation of Allahabad Bank into Indian Bank.

The union government in late August had approved to merge 10 state-run banks into four entities with an aim to strengthen them as also to cut down a number of publicly hold banks into of the global sized banks.

Among the other amalgamation proposals, Punjab National Bank is to merge Oriental Bank of Commerce and United Bank of India with itself. And the south based Canara Bank will merge its regional peer Syndicate Bank with itself.

With these merger proposals, the number of state-owned banks in India is slated to come down to 12 from 19 earlier.

Until 2017, there were as many as 27 banks under the ownership of government.

In April 2017, the country's largest lender amalgamated its six associate banks and the Bharatiya Mahila Bank with itself. Another merger followed immediately next fiscal with the merger of Dena Bank and Vijaya Bank into Bank of Baroda.

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