Andhra Bank to be merged with Union Bank of India - NTv
Sat, Aug 31, 2019, 11:49 AM
The Centre took a decision to merge Andhra Bank with Union Bank of India on Friday. The Andhra Bank started at Machilipatnam in Krishna district on November 20, 1923. It was nationalised in 1980. It has operations in Telugu states, Karnataka and in North India. The bank is running in losses for the last few years. The losses of Andhra Bank stood at Rs 2,786 crore in the financial year 2018-19. The merger of Andhra Bank and Corporation Bank with Union Bank of India (anchor bank) will emerge as India’s 5th largest public sector bank.