Money & Banking

Heads of Union Bank, Corporation Bank and Andhra Bank address staff on merger process

Our Bureau Mangaluru | Updated on October 11, 2019 Published on October 11, 2019

They reaffirm that the amalgamation would be relatively smooth and explained the synergies arising out of it.

The heads of Union Bank of India, Corporation Bank and Andhra Bank addressed the customers and staff members in Bengaluru on Thursday following the Union Finance Ministry’s announcement on August 30 to amalgamate them.

A press release by Corporation Bank said here on Friday that the heads of three banks informed the gathering about the upcoming amalgamation and the synergies arising out of this process.

The meeting was informed that there are no immediate plans to close or merge the branches and care would be taken to minimise discomfort to customers, they said.

The presentations made on the occasion reaffirmed that the common core banking solution (CBS) platform will make the amalgamation relatively smooth and that the synergies would come from the pan-India presence, higher investments in technology and productivity. The customers would benefit from the better and cost-effective products/service offerings and the digital initiatives which will be rolled out, the release added.

PV Bharathi, Managing Director (MD) and Chief Executive Officer (CEO) of Corporation Bank, Rajkiran Rai G, MD and CEO of Union Bank of India, and J Packirisamy, MD and CEO of Andhra Bank, addressed the customers and staff of the amalgamating entities.

Published on October 11, 2019
Corporation Bank
Andhra Bank
Union Bank of India
merger, acquisition and takeover
public sector banks
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