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Our Bureau

Mumbai, May 20

UTI Bank plans to set up a subsidiary that will launch a pure equity infrastructure fund to raise Rs 1,000 crore, Mr P.J. Nayak, Chairman and Managing Director, said here. The fund would be launched by end-September. Towards end-June, the bank also hopes to raise $100-$120 million through its one billion Medium Term Note programme. UTI Bank would be venturing into semi-urban and rural areas. It has decided to extend its services to three-fourths of district headquarters in the next three years. It intends to set up 100 branches and around 400 ATMs. The bank has sought licence to open representative offices in Shanghai, Hong Kong and Dubai.

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UTI Bank plans infrastructure fund

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