ICICI Bank on acquisition trail

ICICI Bank leads in confirming interest to acquire United Western Bank.

Indian banks, including ICICI Bank, are looking to acquire United Western Bank UWB, a lossmaking bank headquartered in western India. The MA move confirms the attraction of acquiring a well-entrenched branch network, given the time and expense involved in opening new branches in India.

UWB was placed under an order of moratorium by IndiaƆs central bank, the Reserve Bank of India RBI on September 2. This means that UWB can only issue payments with RBI approval and depositors...

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