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Thursday, April 25, 2013

United Bank to apply for overseas licences

United Bank of India plans to expand into international destinations.

The bank, which currently has representative offices in Myanmar and Dhaka, plans to set up branches in Mexico and BRICS (which comprise, apart from India, Brazil, Russia, South Africa and China) nations.

According to Archana Bhargava, Chairman and Managing Director, United Bank will soon apply to the RBI seeking licences for setting up shop in these destinations.

“There is a huge opportunity in expanding in international locations both from remittance and trade point of view.

“We want to tap these opportunities,” Bhargava said at her first press meet after assuming the office of CMD of the bank.

“Initially, we will apply for eight to 10 licences and we hope to get permission for at least half of these,” she said.

This apart, the bank would also look to upgrade its representative offices in Myanmar and Dhaka into full-fledged branches.
Rights issue

The bank would also take forward its plans of coming out with a rights issue for boosting its capital adequacy ratio.

The bank had earlier planned to raise nearly Rs 300 crore by way of a rights issue.

However, in the wake of the CMD’s position lying vacant for the last few months, the matter could not be pursued. “We plan to pick up the threads again and take it (rights issue) forward,” she said.

Source: thehindubusinessline


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