Corp Bank to raise funds


“We have raised Rs 1,300 crore from Tier I and Tier II bonds so far and will raise another Rs 700 crore in the July-September quarter,” Corporation Bank Chairman and Managing Director J M Garg told PTI.  The capital raised during the second quarter would be sufficient to maintain capital adequacy ratio (CAR) over 12 per cent and meet targeted business growth for the fiscal, he said.

The CAR of the Mangalore-based bank stood at 16.29 per cent at the end of first quarter of the current fiscal. During 2009-10, the bank is expecting credit growth of 22 per cent, he said, adding that the outstanding credit of the bank stood at Rs 47,377.59 crore at the end of June 30, 2009.

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