Banks form GM-level teams for merger ease, may hire advisory firms

Banks are also weighing the option of hiring experts for help in specialised areas

Public sector banks (PSBs) named for merger by the government have formed teams at the level of general managers (GMs) to ease the process of integrating products and processes. Heads of the 10 PSBs on the merger list met in Mumbai on Wednesday to discuss initial plans.

The government plan was announced last Friday, to merge 10 PSBs into four. Punjab National Bank, Oriental Bank of Commerce, and United Bank of India will combine to form the nation's second-largest lender. Canara Bank and Syndicate Bank will merge; Union Bank of India will amalgamate with Andhra Bank and Corporation Bank; Indian Bank