Union Bank of India has become the fifth largest public sector bank in the country.
The bank said that after this merger it will help to expand its reach in South India as well.
new Delhi: Union Bank of India has become the fifth largest public sector bank in the country. With the start of the new financial year, Andhra Bank and Corporation Bank have merged with Union Bank. Union Bank said in a statement on Wednesday, “From today, all the employees, customers and branches of Andhra Bank and Corporation Bank have become part of Union Bank’s family.”
The Mumbai headquartered bank said that after this merger, it will help in expanding its reach in South India as well. This merger will increase the bank’s cost and revenue by a total of Rs 2,500 crore during the next three years.
Union Bank of India Managing Director and Chief Executive Officer Rajkiran Rai Ji said, “Now as a bank we will be able to provide our customers a wide network of branches, ATMs and digital services as well as credit facilities.”
He said that the bank will provide comprehensive products and services to over 12 crore customers through 9,500 branches and 13,500 ATMs. It will be the fourth largest banking network in the country. At the same time, it will be the fifth largest public sector bank in the country.
The bank said that customers do not have any problem, in view of this, the account number, IFSC code, debit-credit card, Internet-mobile banking portal and the system of login will remain the same.
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