Commercial banks ICICI, Andhra, and Canara made separate takeover proposals of United Western Bank. The action comes at a time of rising interest in Indian microfinance from commercial banks. According to Indian news service Moneycontrol, “ICICI Bank had been planning a major foray into agricultural and rural lending, [and] the branch network of UWB will come in handy in achieving that target in this sector.” United Western has experienced severe stock price volatility following a Reserve Bank of India moratorium issued September 2, 2006. As a result, the bidding banks have not yet released valuation details. United Western has not responded to the three proposals.
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