ICICI Bank board nods to bid for UWB

The board of ICICI Bank today approved to submit its expression of interest to Reserve Bank for amalgamation of United Western Bank (UWB) with itself.

RBI had placed UWB under moratorium following erosion of the bank's equity.

ICICI Bank believes that UWB's network of over 240 branches and extension counters can be leveraged to grow its rural and SME banking operations in particular, and its overall distribution franchise in general, an official of the bank said.