Canara Bank to submit Expression of Interest to acquire United Western Bank

Canara Bank has announced that the Board of Directors of the Bank has taken a decision to submit their Expression of Interest for takeover / acquisition / amalgamation of United Western Bank Ltd., in view of a number of positive synergies existing between the two Banks especially in terms of the network of branches, geographical contiguity, the Bank´s excellent tract record as the largest Nationalised Bank and UWB´s need for a strong, effective and professional management.

The Bank has submitted its Expression of Interest to RBI and requested them to permit the Bank to carry out due diligence in order to submit its detailed proposal.

Source : Equity Bulls

Keywords