Union Bank of India has received a communication from Ministry of Finance, Government of India stating that the Alternative Mechanism (AM) has accorded in-principle approval to proposed amalgamation of the Andhra Bank and Corporation Bank into Union Bank of India with Union bank of India as the transferee Bank and Andhra bank and Corporation Bank as transferor banks.
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.
