Andhra Bank Staff strike against Public Issue

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Visakhapatnam, January 15, 2006

Bank Union opposes going for Public Issue

Members of Andhra Bank Officers Union and Andhra Bank Employees Federation will go on a one-day strike on Monday opposing the bank in going for another public issue. After its public issue in February 2001, the bank is coming out with the second capital base according to I Keshavarao of Andhra Bank Award Employees Union, Visakhapatnam zone.

In a statement on Sunday, he said that the Bank had returned the capital to the Government in two installments after the first public issue. He criticized that the public issue is designed to dilute Government equity and strengthen private equity and a part of privatization of banks. Andhra Bank IPO closes on January 20, 2006

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