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Union Bank board okays Andhra, Corporation Bank merger; clears Rs 17,200 crore capital infusion

Updated : September 10, 2019 07:13 AM IST

Union Bank of India on Monday said its board of directors has approved merger of Andhra Bank and Corporation Bank with itself and given nod for a capital infusion of Rs 17,200 crore in the current financial year.
The bank added that the board has okayed capital raising by issue of equity shares through preferential allotment to the government for an amount up to Rs 13,000 crore, subject to other regulatory approvals.
Union Bank board okays Andhra, Corporation Bank merger; clears Rs 17,200 crore capital infusion

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