Banks Queue Up To Acquire United Western

There is a long list of banks including ICICI Bank, Federal Bank, Canara Bank, Andhra Bank to acquire the Satara-based United Western Bank announce their interest in buying United Western Bank which has a good network in  rural areas of Maharashtra.

The Indian government had placed the bank under a moratorium citing poor financials and the need to protect depositors.   

Experts feel that, Buying United Western Bank, which has 230 branches in 47 districts and 9 states, could help other banks win business from cotton and sugarcane growers in the state.

A Few other banks such as the Allahabad Bank and Standard Chartered have also shown interest buying the United Western Bank.

Meanwhile the board of the United Western Bank Ltd has forwarded a reconstruction scheme to the Reserve Bank of India.