Andhra Bank to consider taking over UWB

New Delhi, Sept 4: Announcing its plans to take over United Western Bank, which has been placed under moratorium by the Reserve Bank of India (RBI), Andhra Bank said its board will meet to consider the issue today.

''The bank has placed a note before its Board of Directors on September 4, to be approved by circulation for the purpose of conveying an Expression of Interest for taking over United Western Bank Ltd, Satara which is placed under moratorium,'' an Andhra Bank statement said.

Private sector bank ICICI has already approved the submission of an expression of interest (EOI) to RBI for amalgamation of UWB with the bank.

Incorporated in 1936, UWB is the country's 14th largest private sector bank and has its head office at Satara, Maharashtra, which oversees the operations through the five zonal offices at Mumbai, Pune, Kolhapur, Jalgaon and Nagpur.

Earlier, Andhra Bank had said its board has in-cleared the proposal for the bank's entry into Life Insurance space by forming a joint venture with Dai Ichi Mutual Life Insurance Company of Japan and Bank of India.

UNI

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