Union Bank of India backs regional rural bank amalgamation

Union Bank of India (BSE: UNIONBANK) has announced the amalgamation of Chaitanya Godavari Grameena Bank, sponsored by Union Bank, along with Andhra Pragathi Grameena Bank (sponsored by Canara Bank), Saptagiri Grameena Bank (sponsored by Indian Bank), and Andhra Pradesh Grameena Vikas Bank (sponsored by State Bank of India). The merger will create a single Regional Rural Bank named Andhra Pradesh Grameena Bank under Union Bank of India's sponsorship. The amalgamation is effective May 1, 2025. This move is in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and under the powers conferred by section 23A of the Regional Rural Banks Act, 1976, as notified on April 7, 2025.