PSB banks merger: 10 banks to bear the name of 4 anchor banks

KOLKATA: The four bigger banks that will come into being from April 1 following the merger of 10 banks will bear the name of the anchor banks — i.e. Punjab National Bank, Union Bank of India, Indian Bank and Canara Bank.

The government has also decided to follow the Bank of Baroda-style branding where all the merging bank logos will be displayed for higher customer recall.

For example, Indian Bank which is the anchor bank for its merger with Allahabad Bank will retain the name. Its new brand identity will carry the logo of both the banks, chief executive Padmaja Chunduru said.

PNB is anchoring its merger with Oriental Bank of Commerce and United Bank of India to create the country’s second-largest lender in terms of business size and branch network and therefore it is going to retain its name. Similarly, Union Bank of India is anchoring its merger with Andhra Bank and Corporation Bank, while Canara Bank is the anchor bank for its amalgamation with Syndicate Bank.

Indian Bank will become the country’s seventh largest bank with total business of Rs 8.5 lakh crore.

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