Union Bank of India has received approval from Board of Directors to revised capital plan for the FY 2019-20 (FY20) to raise capital funds by an amount not exceeding Rs17,200 crore within which upto Rs 13,000 crore through equity capital and upto Rs 4,200 crore through AT 1/Tier II bonds. The Board of Directors of bank at their meeting held on September 09, 2019 approved the same.
The Bank has also received approval for the amalgamation of Andhra Bank and Corporation Bank into Union Bank of India.
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.
