Both Allahabad Bank and Canara Bank are in the race to acquire United Western Bank, UWB. C Mahajan, CMD of Allahabad Bank and MBN Rao, CMD of Canara Bank extrapolate on the benefits of taking over UWB. \n\n
Global rating agency Standard & Poor's said on Thursday United Western Bank's huge bad loans may affect IDBI's financial profile negatively.
The board of directors would meet on September 21 to discuss the details of the scheme, a bank source told PTI in Mumbai.
The ailing United Western Bank on Thursday submitted a scheme of reconstruction to the regulator Reserve Bank, which has placed it under moratorium due to erosion of networth.\n
Anil Khandelwal, Chairman of Bank of Baroda, expects a 25% credit growth in FY07. He says that BoB did not bid for UWB due to their existing presence in Maharashtra. He adds that the UWB branches will give IDBI good reach and size.
Housing Development Finance Corporation has joined hands with the Maharashtra government and State Industrial Investment Corporation of Maharashtra, its subsidiary, to bid for control of the troubled United Western Bank.
The institute says more seats are putting a strain on its resources.
The banking regulator is seeking an early exit mechanism for private banks under Prompt Corrective Action.