ICICI Bank Board approves submission of Expression of Interest to RBI for taking over United Western Bank

ICICI Bank Ltd has announced that the Board of Directors of Bank at its meeting held on September 04, 2006 has approved the submission of an expression of interest to Reserve Bank of India (RBI) for amalgamation of United Western Bank (UWB) with the Bank, pursuant to the order of moratorium announced by RBI in respect of UWB. The Bank believes that UWB’s network of over 240 branches and extension counters can be leveraged to grow its rural and small & medium enterprise banking operations in particular and its overall distribution franchise in general.

Source : Equity Bulls

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