The non-anchor public sector banks (PSBs) have approached the government to work out a new name for the entities once they are merged, the Business Standard reported.
United Bank of India, to be merged with Punjab National Bank (PNB) and Oriental Bank of Commerce (OBC), has already written to the government. Syndicate Bank, to be merged with Canara Bank, is also considering the same, the paper quoted sources as saying.
Moneycontrol could not independently verify the report.
In the previous merger of Vijaya Bank and Dena Bank with Bank of Baroda (BoB - anchor), the logos of all three were retained. However, United Bank would prefer branding that would ‘capture the identities of all the three banks’, an official told the paper.
Syndicate Bank employees wanted to retain the bank’s identity, but the management decision is yet awaited, the banks MD and CEO Mrutunjay Mahapatra told the paper. For the Indian Bank and Allahabad Bank merger, the latter suggested retaining its logo so that the ‘brand recall value is not impacted’, a senior official at Allahabad Bank told BS.
As per the PSBs merger plan announced by Finance Minister Nirmala Sitharaman, PNB (anchor), OBC and United Bank of India will merge to become India’s second-largest lender.
Canara Bank (anchor) and Syndicate Bank will merge, Union Bank of India (anchor) will merge with Andhra Bank and Corporation Bank, and Indian Bank (anchor) will merge with Allahabad Bank.
Changes in PSB names require parliamentary approval for gazette notification. This is a long drawn process, and the deadline set for the merger process is April 1.
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