Union Bank to raise funds

 India’s sixth largest state-owned lender, Union Bank of India is planning to raise Rs 1,700 crore this fiscal to step up its business expansion plans, a top official said.

The banks plans to raise Rs 200 crore through the issue of Tier-I perpetual bonds in the next one week, while Rs 1,500 crore will be raised later this fiscal, UBI Chairman and Managing Director M V Nair told PTI.

“The bank will be undertaking huge expansion plans in terms of business and capacity building. We aim to raise Rs 1,700 crore in 2009-10 to finance these programmes,” he said.
The programmes include opening of 500 more branches that will take the total branch strength to over 3,000. At present, the lender has 2,600 branches. The bank is also targeting to recruit staff to boost its sales and marketing operations

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