2023 2024 EduVark > Education Discussion > Banks Related


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December 23rd, 2017, 09:05 AM
Super Moderator
 
Join Date: Mar 2012
Re: IDBI United Western Bank Merger

United Western Bank (UWB) was an Indian bank founded in 1840 that IDBI Bank acquired in 2006 in a rescue

The United Western Bank Ltd. (UWB), a Satara based private sector bank was placed under moratorium by RBI.

Upon IDBI Ltd. showing interest to take over the said bank towards its further inorganic growth, RBI and Govt. of India amalgamated UWB with IDBI Ltd. in terms of the provisions of Section 45 of the Banking Regulation Act, 1949.

The merger came into effect on October 03, 2006.

At the time of the merger with IDBI, UWB had some 230 branches spread over 47 districts in 9 states, controlled by five Zonal Offices at Mumbai, Pune, Kolhapur, Jalgaon and Nagpur.

By acquiring UWB, IDBI was able to increase its branch network from 195 to 425 branches.

The merger will also expand IDBI's asset base by Rs 7,166 crore (Rs 71.66 billion).

IDBI will have to open an 'asset account' for crediting the value of the assets of United Western Bank.

Contact-

Registered Office:
IDBI Bank Ltd.
IDBI Tower, WTC Complex,
Cuffe Parade, Colaba, Mumbai 400005.

Customers can contact our 24 X 7 Phone Banking numbers
from any Landline / Mobile number, our Toll free numbers are as follows:
1800-200-1947
1800-22-1070


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