The Hindu Business Line : BoI, Union Bank boards meet; `merger proposal not discussed'

THE boards of Bank of India and Union Bank of India, which met separately on Monday did not discuss the merger proposal of the two banks, bank officials said.

Although there has been media speculation that both banks were meeting to discuss a possible merger, bank officials said both meetings on the same day were merely `co-incidental' and there was no discussion on the merger proposal. Both were routine meetings with the banks boards discussing credit proposals, policy issues and other business-related matters, they said.

Meanwhile, members of the United Forum of Bank Unions (UBFU) held demonstrations outside both the banks' corporate headquarters, protesting the merger proposal. The UBFU, which represents over 10 lakh bank employees and officers, has conveyed its strong resentment over the issue of mergers and acquisitions of public sector banks on several occasions.

In the case of the speculated merger between Union Bank and Bank of India, the forum has conveyed its protest to the authorities concerned through rallies and telegrams, said a press release.

UBFU has said that it has been receiving reports through the press, as well as officials with the Finance Ministry, Indian Banks Association and RBI of their initiatives to go ahead with the policy of consolidation in public sector banks.

The forum takes a serious view of these issues and has requested all its constituent members to register their protest in strong terms, the release said.

The UBFU has called for joint demonstrations in front of both Union Bank and Bank of India and has said that it will set up co-ordination committees within the banks for further struggle.

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