New Delhi:
Allahabad
Bank on Wednesday said its board
of directors will meet next week to consider its amalgamation with Indian
Bank.
Also,
Andhra
Bank said its board will meet on September 13 to consider and approve amalgamation
of it along with Corporation
Bank into Union
Bank
of India.
"A
meeting
of the board
of directors
of the
bank is scheduled to be held on Monday, 16th September, 2019, to consider amalgamation
of
Allahabad
Bank with Indian
Bank," the Kolkata-headquartered
bank said in a regulatory filing.
Finance Minister
Nirmala Sitharaman last week had announced to merge 10 public sector banks (PSBs) into four lenders aimed at creating stronger and bigger banks.
In the biggest consolidation exercise in the banking space, the government on August 30 had announced four major mergers
of PSBs, bringing down their total number to 12 from 19, a move aimed at making state-owned lenders the global-sized banks.
According to the consolidation exercise, United
Bank
of India and Oriental
Bank
of Commerce are to be merged with Punjab National
Bank, making the proposed entity the second largest public sector
bank (PSB).
Syndicate
Bank is to be merged with Canara
Bank.
The board
of Punjab National
Bank on September 5 gave its in-principle approval
for amalgamation
of Oriental
Bank
of Commerce and United
Bank
of India into itself.
PNB also said that, with this approval, it commences the amalgamation process, subject to all applicable approvals.
India has seen
merger
of six associate banks along with SBI and the Bharatiya Mahila
Bank with the country's largest lender in the financial year beginning April 2017.
Following next year,
Bank
of Baroda had merged Vijaya
Bank and Dena
Bank with itself.
Earlier this week on Monday, Union
Bank
of India had said its board
of directors has approved
merger
of
Andhra
Bank and Corporation
Bank with itself.
Stock
of
Allahabad
Bank closed 1.21 per cent higher at Rs 33.50 on the BSE,
Andhra
Bank ended up 3.17 per cent at Rs 19.55 a piece.