The center will announce a new name and logo for the entity formed after the merger of PNB, UBI and OBC.
The center will announce a new name and logo for the entity formed after the merger of Punjab National Bank (PNB), United Bank of India (UBI) and Oriental Bank of Commerce (OBC). A bank official gave this information. The new entity will be the second largest bank in the country after the State Bank of India, with a total business size of Rs 18 lakh crore.
Will start operating from 1 April
A United Bank of India (UBI) official said that the government will announce the new name and logo of the entity formed after the merger. It will come into operation from 1 April 2020. He said that the logo is very important to create a new bank’s identity. This has been discussed at a high level in all three public sector banks.
Number of employees will be 1 lakh
The official said that the three banks had constituted 34 committees to standardize the procedures and to coordinate. The committees have already submitted their reports to the respective boards of directors. He said that the major bank PNB has appointed consultant EY who will monitor the standardization and coordination.
This includes matters related to human resources, software, products and services. According to the official, the combined number of employees in the unit formed after the merger will be one lakh.