The Hindu Business Line : UCO Bank to revive plans for China presence

UCO Bank plans to revive its earlier plan to have presence in China, starting with a representative office that would be upgraded to a full-fledged branch later, according to Mr V.P. Shetty, CMD of the bank.

On his return from Hong Kong and Singapore, where UCO already has four profit-making branches, two in each city, Mr Shetty told Business Line that the proposed outfit would be located in one of China's industrialised cities where no other Indian bank has opened an office yet. "The survey is on and we are still to zero in on the location," he said.

"I went to China three years ago but the situation today, both in terms of business opportunities and government policies, is very different from what I saw at that time," he said. "UCO, being a pioneer among Indian banks in Hong Kong, is familiar with the territory and business environment there," he said, pointing out that many customers of UCO's Hong Kong and Singapore branches had set up manufacturing facilities and other business ventures in China. UCO Bank, the Chairman said, was also keen to have presence in Bangkok, Thailand, as the signing of the free trade agreement between India and Thailand held out big promises. He said that in Thailand, as in China, there would be a representative office to start with. UCO Bank, as he pointed out, had already sought the RBI's approval for a representative office in Malaysia.

Meanwhile, UCO Bank has launched UCOEXPOGOLD, a gold card scheme for exporters considered creditworthy as per the RBI's guidelines.