Finance

Merger of Punjab National Bank, Union Bank, Bank of India on cards, says report

Updated : April 30, 2019 08:47 AM IST

The merger of Punjab National Bank, Union Bank and Bank of India is being considered as an option, the paper said.

In the first round of the PSB merger, Bank of Baroda, Vijaya Bank and Dena Bank were formally amalgamated on April 1, 2019.

The official, however, told the paper that it is not necessary for it to be a tripartite merger and will now look at different and various combinations.

Merger of Punjab National Bank, Union Bank, Bank of India on cards, says report

The government may consider merging of Punjab National Bank, Union Bank of India and Bank of India, The Economic Times reported citing a finance ministry official.

The government may soon invite selected lenders to discuss options as it is looking to start some process around the second or the thrid quarter of the fiscal year 2019-20, added the report.

In the first round of the PSB merger, Bank of Baroda, Vijaya Bank and Dena Bank were formally amalgamated on April 1, 2019.

The official, however, told the paper that it is not necessary for it to be a tripartite merger and will now look at different and various combinations.

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