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Our Bureau

Mangalore , Sept. 7

The board of Corporation Bank has approved its proposal to submit Expression of Interest (EoI) to the Reserve Bank of India to takeover United Western Bank Ltd - which is placed under moratorium by the Government of India - subject to regulatory, statutory and other approvals.

In a statement to the Bombay Stock Exchange on Thursday, the bank said the board meeting on Thursday has given its approval in this regard.

Corporation Bank said that it is a well-capitalised bank with a capital adequacy ratio of 13.9 per cent with a net worth of Rs 3,375 crore as on March 31.

The bank has headroom for raising further capital funds to the extent of Rs 3,600 crore through various capital instruments, without diluting the Government stake. "The bank enjoys enormous leverage," the statement said.

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