Canara Bank submits EOI for acquiring United Western Bank

New Delhi, Sep 4: Public sector Canara Bank today joined the race for amalgamation of Maharashtra-based United Western Bank (UWB), requesting the Reserve Bank of India (RBI) for permission to carry out due diligence in order to submit detailed procedure.

The bank said its Board of Directors had earlier taken the decision to submit the Expression of Interest to the RBI for taking over the struggling UWB, which has been placed under moratorium.

''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 had approved the submission of EOI to RBI for amalgamation of UWB with the bank, while the Andhra Bank informed that its board was looking into the issue.

UNI