Merged entity of UBI, PNB, OBC to become operational from
The amalgamated entity of United Bank of India (UBI), Punjab National Bank (PNB) and Oriental Bank of Commerce (OBC) will come into effect from April 1 next year, a top official said on Saturday.
The merged unit, likely to have a new name, will be the second largest bank in the country after State Bank of India (SBI) with a total business volume of Rs 18 lakh crore.
"The amalgamation process will take some time and the new entity will start functioning from April 1, 2020," MD and CEO of UBI, Ashok Kumar Pradhan, said.
The three banks held a customer meet here, which was attended by Chander Khurana, GM of Punjab National Bank and Binay Kumar Gupta, GM of Oriental Bank of Commerce.
The lenders said that there will no retrenchment of staff in the merged entity, and also ruled out the possibility of bringing in Voluntary Retirement Scheme (VRS).
Pradhan later told reporters that the combined staff strength post the amalgamation will be 1 lakh with 11,400 branches.
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