FM Nirmala Sitharaman announces mega public sector bank merger; 10 banks amalgamated into 4

This mega consolidation drive will leave only 12 major public sector banks in the country from the earlier count of 27 in 2017.

Finance Minister Nirmala Sitharaman on August 30 unveiled a mega merger plan for public sector banks (PSBs), amalgamating 10 banks into 4.

Oriental Bank of Commerce and United Bank will be merged into Punjab National Bank. The consolidated entity will be the second-largest PSB with business of Rs 17.95 lakh crore, at least 1.5 times of the current size of PNB.

Two banks coming from the South – Canara Bank with Syndicate Bank will be merged. The combined size of the business will be Rs 15.2 lakh crore, roughly 1.5 times that of Canara Bank currently.

Andhra Bank and Corporation Bank will be merged into Union Bank of India. This will mean a combined business of Rs 14.59 lakh crore, roughly twice the size of UBI currently. This will make it the fourth largest in terms of network of branches with 9,600 branches.

The fourth one will be the consolidation of Indian Bank with Allahabad Bank making it the seventh largest with a total business of Rs 8.08 lakh crore, approximately 1.9 times the current size of Indian Bank.

Source: https://www.moneycontrol .com/news/business/companies/fm-nirmala-sitharaman-announces-mega-public-sector-bank-merger-10-banks-amalgamated-into-4-4390911.html

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