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PNB, UBI get in-principal nod for proposed merger

PNB, UBI get in-principal nod for proposed merger
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New Delhi: Punjab National Bank and Union Bank of India on Monday said they have received in-principal approval from the government for their amalgamation with other public sector banks.

"Bank has received a letter dated November 13, 2019 from Department of Financial Services, Ministry of Finance vide which bank has been advised that Alternative Mechanism (AM), has accorded in-principle approval to proposed amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank," Punjab National Bank said in a regulatory filing.

Punjab National Bank is the transferee bank and Oriental Bank of Commerce and United Bank of India as transferor banks.

In a separate filing, Union Bank of India said, "The bank has received a communication from ministry of finance on November 16, 2019 stating that the alternative mechanism has accorded in-principle approval to proposed amalgamation of the Andhra Bank and Corporation Bank into Union Bank of India".

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