Union Bank becomes 5th largest PSB post-merger

Union Bank of India7th April 2020 : Union Bank has become India’s fifth-largest public sector lender after amalgamating Andhra Bank and Corporation Bank into itself. The merger, effective from 1st April 2020, will secure rich individual legacies and produce a dynamic shared future.

The Merger is also expected to generate cost and revenue synergies to the tune of Rs 2,500 crore over the next three years. It will also strengthen the bank’s footprint in southern India with a considerable market share in this region, the Mumbai-headquartered lender said.

All employees, customers and branches of Andhra Bank and Corporation Bank will become part of the Union Bank of India.

Union Bank of India will offer much wider access to branches, ATM, digital services and credit facilities and are now in a much stronger position as a bank. It offers a wide array of products and services to more than 120 million customers across its over 9,500 branches and more than 13,500 ATMs.

Union Bank of India has now become the fourth largest banking network and fifth largest public sector bank in India.

Read Other Related News

Share Market Update: Nifty Financial Services Index down; Shriram Transport slips 6% SBI to cut Short Term MCLR by 5-10 Basis Points
Small savings rate cuts make banking & PSU debt funds attractive SBI takes Anil Ambani to NCLT to recover Rs 1,200 crore
Spike in gold loans could not enthuse individuals to pledge household gold with gold loan NBFC SBI scraps minimum monthly balance requirement
SBI steps into microfinance may lend at lower rates than existing players SBI relaunches Aadhaar-based online savings account opening facility



I have read the Privacy Policy & Agree to Terms & Conditions and authorize Dialabank & its partner institutions to Call or SMS me with reference to my application.