Financial Daily from THE HINDU group of publications
Tuesday, Nov 22, 2005
Financial Daily from THE HINDU group of publications Tuesday, Nov 22, 2005 |
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Money & Banking
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Public Sector Banks Union Bank sets Rs 1,600-cr target for retail marts Our Bureau
Visakhapatnam, Nov 21 UNION Bank of India is planning to set up 30 more retail marts in the second phase, in addition to the existing 33, to pursue retail lending, according to Mr V.S.R Murthy, the bank's General Manager, Retail Banking said here today. After a visit to the retail mart here, he told presspersons that the bank had first set up retail marts in September this year and till now Rs 435 crore had been lent through them. "The retail lending target for the financial year through the marts is Rs 1,600 crore and we are confident of achieving it," he said. Each mart was being manned by four marketing officers, a processing officer and a data entry operator, he said. "Right now we have 1,009 marketing officers and we are training them in retail finance," he said. Mr Murthy said the bank would go public again sometime during January and 4.5 crore shares would be sold. The price and size of the issue were yet to be determined. Post-issue, the Government stake would come down to 55.45 per cent from the present 60.85.
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