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M Ramesh

Bank of Maharashtra tipped

Chennai , Sept. 15

Three banks - Corporation Bank, Indian bank and Oriental Bank of Commerce - have formed a `strategic business association', but there is still room for one more bank to join the alliance, officials in the know of the affairs of the alliance told Business Line today. (Stock markets had it today that Bank of Maharashtra was likely to be the fourth one, but this could not be confirmed.)

A fourth bank may be accommodated in the alliance if it did not have a "conflicting footprint", the official said.

It was mentioned that a committee would be formed to evolve a framework for the working of the alliance. Informally, it had been agreed that the alliance would be given three months' time to develop the framework.

The source also said that the three banks may form subsidiaries for specific business areas.

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