<p>Union Bank on Wednesday said it has become the country's fifth-largest public sector lender after amalgamating Andhra Bank and Corporation Bank into itself.</p>.<p>The merger, effective from Wednesday, will harness rich individual legacies and forge a dynamic shared future, it said in a release.</p>.<p>"As of today, all employees, customers, and branches of Andhra Bank and Corporation Bank will become part of the Union Bank of India family," it added. </p>.<p>The amalgamation will also strengthen the bank's footprint in southern India with a considerable market share in this region, the Mumbai-headquartered lender said.</p>.<p>The amalgamation is also expected to generate cost and revenue synergies to the tune of Rs 2,500 crore over the next three years.</p>.<p>"We now offer our customers much wider access to branches, ATM, digital services and credit facilities and are now in a much stronger position as a bank," Union Bank Of India MD and CEO Rajkiran Rai G said. </p>.<p>The bank offers a wide array of products and services to more than 120 million customers across its over 9,500 branches and more than 13,500 ATMs. </p>.<p>Combined, they are India's fourth-largest banking network and fifth largest public sector bank. </p>.<p>It further said in order to minimize disruption, the account numbers, IFSC codes, debit/credit cards, and internet/mobile banking portals and login credentials will remain the same.</p>.<p>Union Bank also said with effect from Wednesday, basic services such as cash withdrawal and deposit, balance enquiry and funds transfer will become interoperable across the combined network. </p>.<p>"No additional charges will be levied on Andhra Bank and Corporation Bank customers using Union Bank ATM’s and vice versa," it added. </p>
<p>Union Bank on Wednesday said it has become the country's fifth-largest public sector lender after amalgamating Andhra Bank and Corporation Bank into itself.</p>.<p>The merger, effective from Wednesday, will harness rich individual legacies and forge a dynamic shared future, it said in a release.</p>.<p>"As of today, all employees, customers, and branches of Andhra Bank and Corporation Bank will become part of the Union Bank of India family," it added. </p>.<p>The amalgamation will also strengthen the bank's footprint in southern India with a considerable market share in this region, the Mumbai-headquartered lender said.</p>.<p>The amalgamation is also expected to generate cost and revenue synergies to the tune of Rs 2,500 crore over the next three years.</p>.<p>"We now offer our customers much wider access to branches, ATM, digital services and credit facilities and are now in a much stronger position as a bank," Union Bank Of India MD and CEO Rajkiran Rai G said. </p>.<p>The bank offers a wide array of products and services to more than 120 million customers across its over 9,500 branches and more than 13,500 ATMs. </p>.<p>Combined, they are India's fourth-largest banking network and fifth largest public sector bank. </p>.<p>It further said in order to minimize disruption, the account numbers, IFSC codes, debit/credit cards, and internet/mobile banking portals and login credentials will remain the same.</p>.<p>Union Bank also said with effect from Wednesday, basic services such as cash withdrawal and deposit, balance enquiry and funds transfer will become interoperable across the combined network. </p>.<p>"No additional charges will be levied on Andhra Bank and Corporation Bank customers using Union Bank ATM’s and vice versa," it added. </p>