Following the merger, all investments of Andhra Bank and Corporation Bank will come under Union Bank as a combined entity. Union Bank, Andhra Bank and Corporation Bank together will reach a size of Rs 14.59 trillion. Annexure - I Format for filing written objections. The merged entity will be 4th largest PSU bank in India. The addition of staff and network is the effect that can be easily gauged from the impending merger move. What else can emerge due to the merger? "The board of directors in its meeting held on September 16, 2019 has given in-principle approval for the amalgamation of the Corporation Bank into Union Bank of India," it said in … Andhra Bank and Corporation Bank are to be amalgamated into Union Bank of India with effect from April 1, 2020. The merger of PSU banks has its share of merits and demerits. Allotment of Shares : The Board of Directors of the Union Bank of India has approved allotment of 2,98,40,25,503 equity shares (2,97,88,35,104 shares in demat mode and 51,90,399 in physical mode) to the shareholders of Andhra Bank and Corporation Bank. The merger, effective from Wednesday, will harness rich individual legacies and forge a dynamic shared future, it said in a release. Learn the implications of stock-for-stock mergers for shareholders. Meanwhile, for Syndicate Bank's merger with Canara Bank, the share swap is 158 equity shares of Canara Bank for every 1,000 equity shares of Syndicate Bank. Amalgamation of Corporation Bank Into Union Bank of India. Syndicate Bank shares lost 3.33% to Rs 20.30 while those of Canara Bank lost 6.45% to Rs … For instance, on July 1, Bridge Bancorp and Dime Community Bancshares announced the biggest bank deal of June, a $489 million merger to create an $11 billion bank. Newspaper Notice regarding formation of Expert Committee for dealing with grievances/objections of shareholders. ... Impact of PSU Bank Mergers. Notice - Expert Committee for dealing with grievances/objections of shareholders. Shares of one company are often traded for shares of another company during an acquisition or merger. NEW DELHI: Corporation Bank on Monday said the board has given its in-principle approval for the merger with Union Bank of India. Corporation Bank and Andhra Bank with Union Bank of India; Free CIBIL Score Check. Union Bank on Wednesday said it has become the country's fifth largest public sector lender after amalgamating Andhra Bank and Corporation Bank into itself. With this IT integration, all of erstwhile Corporation Bank, including service and specialised branches, have been fully integrated with Union Bank of India (UBI), it said in a release.