UWB merger: Maha Govt also among interested parties

New Delhi, Sep 5 (UNI) Amalgamation of beleaguered United Western Bank (UWB) seems to be getting intense by every passing day, with the list of interested parties likely to grow further.

The struggling bank today informed that the Reserve Bank of India (RBI) nominees, Mr M Radhakrishnan and Mr S K Gogia, had been appointed as Additional Directors on UWB board, efffective from September 2. However, UWB's Director K H Navandhar today resigned from its Board.

Following the public, private and foreign banks, Maharashtra government also joined the race today through its nodal investment body SICOM.

SICOM holds about 10 per cent equity of UWB.

The board of UWB, meanwhile, submitted a reconstruction scheme to the RBI.

As a part of the scheme, the bank said, it has committed to bring in funds immediately to meet all liabilities, achieve adequate capital to risk weighted assets ratio (CRAR) and net worth requirements.

Assuring the RBI that the bank will bring in funds immediately to meet all liabilities and achieve adequate CRAR and the net worth requirements, the board of UWB has filed an Expression of Interest to RBI for submission of Scheme of Reconstruction by September 8, this year.

Among others, who joined the list of interested parties, were ICICI Bank, Canara Bank, Andhra Bank, Standard Chartered Bank, Federal Bank, Allahabad Bank and Citigroup.

UNI VJ PV PKS HT2038