Union Bank of India has received a communication from Ministry of Finance, Government of India that the Alternative Mechanism (AM) after consultation with Reserve Bank of India (RBI), has decided that Union Bank of India, Andhra Bank and Corporation Bank may consider amalgamation of the Andhra Bank and Corporation Bank into Union Bank of India.
Accordingly, a meeting of Board of Directors to consider the amalgamation will be convened by the bank in due course.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections. Its segments include treasury operations, corporate & wholesale banking, retail banking and other banking operations.