Andhra Bank board okays merger with Union Bank
: The board of directors of Andhra Bank on Friday accorded in-principle approval for the amalgamation of Andhra Bank and Corporation Bank with Union Bank of India as the anchor bank.
"In continuation to our letter dated September 11, 2019 regarding intimation of meeting of board of directors of the bank, we wish to inform you that the board in its meeting held on September 13, 2019 has considered and accorded its in-principle approval for the amalgamation of Andhra Bank and Corporation Bank with Union Bank of lndia as the anchor bank, subject to statutory and regulatory approvals," the public sector bank said in a filing on the BSE.
Finance Minister Nirmala Sitharaman recently announced the merger of Oriental Bank of Commerce and UnitedBankwith Punjab NationalBank, SyndicateBankwith CanaraBank, whileAndhraBankand CorporationBankwould merged with UnionBankof India.
Besides, IndianBankwould be merged with AllahabadBank, making it the seventh largest state-ownedbank.