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Saturday, March 21, 2015

UBI’s Rs1,300-cr QIP likely next quarter

Union Bank of India (UBI) is likely to mobilise about Rs.1,300 crore through Qualified Institutional Placement (QIP) in the first quarter of the next financial year.

“We have got all approvals from the Centre and the Reserve Bank of India (RBI) but are waiting for market conditions to improve,” Executive Director K Subrahmanyam told newspersons after inaugurating an industrial finance branch here on Friday.

In addition, the bank has headroom for Rs.4,000 crore additional tier-I capital. “We are also not in the immediate need of capital,” he added. When asked whether there was any increase in credit demand after the recent easing of key policy rates by the RBI, he said, “It has not picked up and things might change in the first quarter of the next financial year.” On future plans, the official said that UBI was in the process of opening a branch in Sydney and was awaiting licence. A couple of weeks ago, it opened its subsidiary in London.

Source : Thehindubusinessline


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