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No merger plans as of now, says IDBI Bank

IDBI Bank has said it is not considering any proposal to merge United Bank of India with itself. The bank said in a statement that so far no proposal for merger of United Bank of India with IDBI Bank has been discussed at IDBI Bank’s board meeting and also no communication from Government of India in respect of the above has been received by the bank. In separate statement, United Bank of India said that there are no negotiations taking place for merger of the bank. The government has 76.5% and 89.47% stake in IDBI Bank and United Bank of India respectively. Saddled with over 10% gross NPAs, United Bank of India scripted a turnaround in the fourth quarter of 2013-14 by reporting an over 15-fold jump in net profit to Rs 469 crore on the back of cash recovery and upgradation of accounts. In the January-March 2013 quarter, the bank had posted a profit of Rs 31 crore. There have been reports that the government had mooted that the two banks prepare a consolidation plan for a possible merger

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