Corporation Bank has said that a meeting of the board of directors will be convened in due course to consider its amalgamation with Union Bank of India.
The bank informed the stock exchanges on Saturday that it has received a communication from the Finance Ministry stating that the Alternative Mechanism, after consultation with Reserve Bank of India, has decided that Union Bank of India, Andhra Bank and Corporation Bank may consider amalgamation of Andhra Bank and Corporation Bank into Union Bank of India.
“Accordingly, a meeting of the board of directors of the bank to consider the amalgamation will be convened by the bank in due course,” it said.