BoM also pitches for UWB takeover

Mumbai, Sep 6 (UNI) The state-owned Bank of Maharashtra today said that it would submit an Expression of Interest (EoI) for the takeover of United Western Bank.

A statement to this effect has been issued to the Bombay Stock Exchange here today.

A clutch of banks including India's second-largest lender ICICI Bank and state-run ones like Canara Bank, Allahabad Bank and Andhra Bank besides Saraswat Co-operative Bank are bidding for UWB.

Besides, the State Government has also asked one of its financial institutions SIICOM (State Industrial Investment Corporation of Maharashtra) to bail out the UWB which was placed under moratorium by the Reserve Bank of India(RBI) since Saturday last citing poor financials. Incidentally, SIICOM holds 10 per cent of the equity stake in UWB.

UNI SN MAZ AW1907