Union Bank of India has reported a standalone net profit of INR 333 Crores for the quarter ended June 2020. This figure can not be compared with the previous year results of the Bank as from April 2020 two other Public sector banks have been merged with the Mumbai Headquarters Union Bank of India viz. Andhra Bank and Corporation Bank.
MD an CEO of Union Bank of India Shri Rajkiran Rai said that bank will raise Rs. 10,000 Cores from the market which may include selling the shares to staff of the combined bank under Employee Stock Options.
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