Friday, September 8 2006 11:12 Hrs (IST) - World Time -

Mumbai: Corporation Bank too has submitted the expression of interest (EoI) to the Reserve Bank of India (RBI) for takeover of United Western Bank (UWB).

Earlier the Corporation Bank Board of Director yesterday (Sept 7, 2006) approved the proposal to submit (EoI) to the Reserve Bank of India(RBI) to takeover (UWB) as stated by the bank to the Bombay Stock Exchange (BSE).

UWB was placed under moratorium for three months by the Reserve Bank of India last week.

Corporation Bank is a well capitalised Bank, having a Capital Adequacy Ratio of 13.9 per cent with a net worth of Rs 3,375 crores as on March 31, 2006, the bank said in its EoI.

The Bank also have a headroom for raising further capital funds to the extent of Rs 3600 crores through various capital instruments, without diluting Government stake, the bank further said.

In terms of branch network, it will give an opportunity to the Bank to have footprint in interior and rural Maharashtra, the release stated.

The Bank considers it an opportunity to fulfill the corporate objective of double bottomline viz, serving the weaker sections of the society as well as improving returns to the Bank stake holders, it further stated.