Oriental,Corporation

Mumbai, Sep 14 (UNI) Three public sector banks Corporation, Indian Bank and Oriental Bank of Commerce today announced they are set to form a strategic alliance to meet the growing competition in identified areas for the mutual benefit of these banks' customers.

Informing the BSE, Corporation Bank said the chairmen and managing directors of these banks will meet tomorrow to sign a Memorandum of Understanding (MoU) between themselves.

Similarly, Oriental Bank of Commerce has also sent a notice to BSE announcing its intention sign an MoU with the other two banks for a strategic alliance.

The estimated collective assets of the three banks are worth Rs 1.4 trillion. They will cooperate with each other to give loans, undertake fee-based business and share branch and ATM networks and employees. However, the agreement does not include equity participation.

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