United Western Bank
United Western Bank (UWB) was an Indian bank founded in 1936 that IDBI Bank acquired in 2006 in a rescue.[1] The Reserve Bank of India placed UWB under a moratorium to protect the interest of public and depositors as growing losses eroded its capital.[2]
Annasaheb Chirmule, a leader of the
In 1956, UWB acquired Union Bank of Kolhapur, which had been incorporated on 5 July 1949.
In 1961, UWB acquired Satara Swadeshi Commercial Bank.[3] Established on 20 August 1907, this was the first bank established at Satara.
At the time of the merger with IDBI, UWB had some 230 branches spread over 47 districts in 9 states, controlled by five Zonal Offices at Mumbai, Pune, Kolhapur, Jalgaon, and Nagpur. By acquiring UWB, IDBI was able to increase its branch network from 195 to 425 branches.[4][5]
Citations
- ^ "IDBI chairman to the rescue". Rediff.com. Retrieved 26 July 2010.
- ^ "RBI moratorium on United Western Bank". The Tribune. 2 September 2006. Retrieved 22 February 2014.
- ^ Webdeveloper. "The Fall of United Western Bank | Finance Case Studies | Business Finance Management Cases | Case Study". Icmrindia.org. Retrieved 26 July 2010.
- ^ "History". IDBI Bank. Retrieved 22 February 2014.
- ^ "United Western Bank to merge with IDBI". Rediff.com. 13 September 2006. Retrieved 22 February 2014.