ICICI Bank Ltd board sanctions UWB amalgamation

New Delhi, Sept 4: ICICI Bank Ltd today said its board has approved the submission of an expression of interest (EOI) to Reserve Bank of India (RBI) for amalgamation of United Western Bank (UWB) with the bank.

The move comes pursuant to the order of moratorium announced by RBI in respect of UWB.

''The bank believes that UWB's network of over 240 branches and extension counters can be leveraged to grow its rural and small and medium enterprise banking operations in particular and its overall distribution franchise in general,'' an ICICI statement said.

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

UNI