Union Bank of India board meeting on Sep 9 to approve amalgamation

State-owned Union Bank of India on Wednesday said its board will meet on September 9 to approve amalgamation of Andhra Bank and Corporation Bank with itself. Besides, the board would also take up the matter related to capital infusion of Rs 11,700 crore, Union Bank of India said in a regulatory filing.

In a separate filing, United Bank of India said its board meeting will be held on September 6 to approve its amalgamation with Punjab National Bank. The government on August 30 unveiled a mega plan to merge 10 public sector banks into four.

Four new sets of mergers are: Punjab National Bank, Oriental Bank of Commerce and United Bank of India will combine to form the nation's second-largest lender; Canara Bank and Syndicate Bank will merge; Union Bank of India will amalgamate with Andhra Bank and Corporation Bank, and Indian Bank will merge with Allahabad Bank. The exercise, seen together with the previous two rounds of bank consolidation, will bring down the number of nationalised PSBs to 12 from 27 in 2017.

Prior to the Bank of Baroda merger this year, the government had experience of State Bank of India which had merged five of its associate banks -- State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad and also Bhartiya Mahila Bank effective April 2017.

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