The Hindu Business Line : UCO Bank mulls offering stock broking services

SHARING VIEWS: Mr V. Sridhar (right), Chairman and Managing Director, UCO Bank, and Mr V.K. Dhingra, Executive Director, at the bank's fourth AGM in Kolkata on Tuesday. — Arunangsu Roy Chowdhury

Kolkata June 19 UCO Bank is examining the possibility of providing stock broking services in order to add value to the services it currently provides to its customers.

The bank, which will need to tie-up with a broking firm to meet this objective, is aware that a section of its clients are increasingly taking to broking services, given their need to transact in the stock market.

UCO Bank, according to Mr V. Sridhar, Chairman-cum-Managing Director, will consider all options in this regard. It intends to take feedback from stockbrokers with a view to providing the best possible solutions.

Tie-up with broking cos

A number of Indian banks have established relationships with leading broking firms in order to provide specific services to clients. Such tie-ups are expected to lead to a win-win situation for the investors concerned.

On another front, the bank will focus on recovery of non-performing assets in the months ahead. In the recent past, it did achieve some success in terms of NPA recovery. However, it still has a considerable lot to realise in this regard, it is pointed out.

UCO Bank will, among other things, aim at cash recoveries as well as at selling some of its bad loans to asset reconstruction outfits.

Biz initiatives

In terms of new business initiatives, the bank has recently proposed to establish a new committee for vetting fresh proposals on advances up to a certain limit. A simplified credit monitoring format for certain accounts will also be put in place, a move aimed at arresting NPA formation.

Mr Sridhar said the bank has recorded a business of Rs 1 lakh crore plus (as on December 31, 2006). Its plans on this count are well on track, he added. Its capital adequacy too was considered comfortable at that point, it was pointed out.The bank has received regulatory permission for a rep office in China.

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