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Union Bank becomes India’s fifth largest public sector bank

Union Bank becomes India’s fifth largest public sector bank

India Blooms News Service | @indiablooms | 03 Apr 2020, 05:20 pm

Hyderabad/UNI:  Union Bank of India, erstwhile 97-year-old Andhra Bank and erstwhile Corporation Bank were now one bank.

By coming together, they hope to harness rich individual legacies and forge a dynamic shared future.

As of today, all employees, customers and branches of Andhra Bank and Corporation Bank will become part of the Union Bank of India family.

Union Bank of India (UBI)now offers a wide array of products and services to more than 120 million customers across our 9500+ branches and 13500+ ATMs.

Combined, they are India’s fourth largest banking network and India’s fifth largest public sector bank. The amalgamation is also expected to generate cost and revenue synergies to the tune of Rs. 2500 crore over the next 3 years.

The amalgamation will also strengthen Bank’s footprint in southern India with considerable market share in this region.

In a statement while sharing his insights into the amalgamation, Union Bank of India CEO and Managing Director, Rajkiran Rai G, said, ‘I am immensely proud of the efforts put in my entire amalgamating family over the past several months, which have laid a foundation for us to provide enhanced services to our customers while ensuring minimal disruption. We now offer our customers a much wider access to branches, ATM, digital services and credit facilities and are now in a much stronger position as a bank.”

In order to minimize disruption, the account numbers, IFSC codes, debit/credit cards and internet/mobile banking portals and login credentials will be remaining the same, Rai added.

Customers of the three entities can now benefit from Union Banks wide network and uninterrupted services.

With effect from today, basic services such as cash withdrawal and deposit, balance enquiry and funds transfer will become interoperable across combined network.

No additional charges will be levied on Andhra Bank and Corporation Bank customers using Union Bank ATM’s and vice versa. 

Union Bank becomes India’s fifth largest public sector bank

India Blooms News Service
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