MUMBAI: State-owned Union Bank of India, which is amalgamating Andhra Bank and Corporation Bank with it, hopes to reap cost benefits of over Rs 2,500 crore through rationalisation of branches and savings on technology on the combined entity. The amalgamation of the three banks, which will be effective from April 1, is part of the government’s mega consolidation of 10 public sector banks to create four global-sized lenders, beginning next financial year. Union Bank said implementation of all the processes under amalgamation will happen without much disruption to customers and employees of Andhra Bank and Corporation Bank. “There will be revenue generation due to cost cutting on account of…
Read More…