Union, Bol may merge by year-end

THE INITIAL MERGER process between Union Bank of India and Bank of India (Bol) seems to have begun, according to sources familiar with the matter.

- KSHIPRA PETKAR & CHRISTINA TITUS

Both banks are currently undertaking due diligence, including internal assessments of processes and operational integration. Some officials said the merger could be completed by the end of the calendar year.

“The government is keen to merge smaller banks with larger ones to create four to five big PSU banks instead of the current 12,” said a senior banking official aware of the developments, requesting anonymity.