7th 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.
