Financial Daily from THE HINDU group of publications
Saturday, Apr 30, 2005
Financial Daily from THE HINDU group of publications Saturday, Apr 30, 2005 |
|
|
|
|
|
Money & Banking
-
Public Sector Banks Union Bank eyes 25 pc growth in business this fiscal Our Bureau
Hyderabad , April 29 UNION Bank of India (UBI) has now set its eyes on achieving Rs 1.25-lakh crore of business for the current fiscal. Announcing this here on Friday, the Chairman and Managing Director, Mr K. Cherian Varghese, said the bank expected a growth of 25 per cent in its business during the fiscal 2005-06. Though the bank is currently comfortable with a capital adequacy ratio of over 12 per cent, it finds the need to raise funds to meet the growing business volumes. However, the bank has not yet firmed up the exact quantum of funds requirement, he said. Stating that the bank would finalise its capital requirement sometime later this year, Mr Varghese said it would be a combination of both tier-I and tier-II capital. On the consolidation initiatives of the Government by way of merging UBI and Bank of India, he said the Indian banking industry needs such consolidation aimed at achieving economies of scale and evolving into global sized banks. However, he said his bank would not go in for a consolidation that would not be comfortable to its stakeholders. Ruling out plans of offering voluntary retirement scheme (VRS) to employees for bringing down operational expenses, Mr Varghese said the bank would prefer redeploying human resources for opening new branches to further improve business and towards aggressive recovery of non-performing assets (NPAs). He said the bank was also seriously exploring options on selling some of its sticky assets to Asset Reconstruction Company India Ltd (ARCIL).
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|