Canara Bank joins race for United Western

Canara Bank has joined the race to acquire United Western Bank. It may be noted that ICICI Bank and Federal Bank were the first ones to express their intention to acquire United Western Bank.

According to a release issued by Canara Bank to the BSE today, the bank's board has taken a decision to submit their Expression of Interest for takeover / acquisition / amalgamation of United Western Bank (UWB), in view of a number of positive synergies existing between the two banks especially in terms of the network of branches, geographical contiguity, the bank's excellent track record as the largest nationalised bank and UWB's need for a strong, effective and professional management.

'The bank has submitted its Expression of Interest to RBI and requested them to permit the bank to carry out due diligence in order to submit its detailed proposal.', the release added.