The Hindu Business Line : UCO Bank mulls border trade with China

"We already have two branches in Sikkim and the Union Government has asked us to examine the scope of setting up another branch in Changu as a step towards facilitating border trade with China,'' said Mr V.P. Shetty, CMD of the bank.

``We have just started the preliminary work, i.e. surveying the area and tapping the business potentials and we will participate in the trade only if we are convinced that it will make business sense for us,'' Mr Shetty observed, indicating that the decision in this regard would be firmed up within the next couple of months.

UCO, as the CMD informed, was also in the process of signing an MoU with the UAE Exchange of Dubai for Express Money agency arrangement. ``The arrangement will be only for inward remittances", he said.

UCO would soon open a representative office in Malaysia. ``Many of our clients in our Singapore branches have business interests in Malaysia and we would like to serve them better through the representative office,'' Mr Shetty said. At present UCO has four overseas branches, two each in Hong Kong and Singapore. In 2003-04, the operations of these branches yielded a net profit of over Rs 41 crore as against net loss in 2002-03. Net NPA was reduced to 0.73 per cent (2.2 per cent in 2002-03) and no fresh NPA was generated in 2003-04, Mr Shetty added.

More Stories on : Public Sector Banks | Foreign Trade

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
CIBIL flags off operations for retail credit information

Rupee, gilts rebound

UCO Bank net profit doubles to Rs 435 cr

Union Bank Q4 net rises 17%; to pay 15 pc final

SBT annual net up 43 pc; to pay 75 pc

BoB to enter stock broking, float subsidiary

Union Bank of India to invest in MCX

UCO Bank mulls border trade with China

Who will have the last laugh?

Steps to cut NPAs

`Negative list' for credit card defaulters