Public sector, Union Bank of India is planning to start an M&A advisory cell in order to provide enhanced services to the corporate customers. The Bank expects that the corporate M&A space would develop at the time of economic slowdown.

Union Bank has also selected 30 officers from various levels who are being trained at Indian School of Business, Hyderabad for this cell.

Asked about the development, Union Bank chairman and managing director MV Nair said, "Following the meltdown, we expect a few M&A deals to take place. We want to grab this opportunity and be active in the M&A advisory space."

Further if Union Bank discover opportunity in the bank M&A space in the overseas markets, this cell would be an advantage. As of now the bank has decided to hold back its plans for setting up an international branch.

Banking analyst say that the risk involved in the setting up an M&A advisory cell is lower than the acquisitions in the US or UK market. Therefore a bank would always choose for an option of an organic growth within the country because of the scope for banking prospective that are yet not been used, said Mr Nair.

At the same time, Union Bank is planning to furnish a new business cell that will take care of the entire range of corporate advisory services such as loan syndication and investment banking. The bank has taken this decision in suggestions made by the global management consultant, Boston Consulting Group.

The Chairman said that they want to make the bank a one-shop stop for large corporates by providing these additional services along with extending finance. Presently most banks in the industry are just involved in the financing part of the corporates.

Currently the bank has a total business including both deposits and advances of over Rs 2.23 lakh crore.