Canara Bank sumbits EOI to take over UWB

New Delhi, Sept 4: Canara Bank today said it has submitted its Expression of Interest to the Reserve Bank of India (RBI) and requested to permit the bank to carry out due diligence in order to submit its detailed proposal.

The bank said its board had earlier taken the decision to submit the EOI.

''The move comes in view of a number of positive synergies existing between the two banks especially in terms of the network of branches, geographical contiguity, the bank's excellent tract record as the largest Nationalised Bank and UWB's need for a strong, effective and professional management,'' a Canara Bank statement said.

Earlier ICICI Bank also said its board has approved the submission of EOI to RBI for amalgamation of UWB with the bank, while Andhra Bank said its board is looking into the issue.

UNI

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