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Union Bank of India is planning to approach the Government for a Rs 1,000-crore equity infusion to meet its capital adequacy norms, said D. Sarkar, Chairman and Managing Director of the bank.
He was in the city to launch the bank’s 161st ‘Union Xperience’ branch. At a press conference here, he said the bank’s current business is about Rs 4 lakh crore, and it expects deposits to grow at least 15 per cent and credit by 18 per cent in the current fiscal.
Global expansion
Besides, the bank plans to expand its global footprint with branches in London, Dubai and Sydney “very shortly”. According to Sarkar, the bank has applied for necessary licences with the respective governments and expects clearances to come through within the next few months. It also plans to apply for a licence in Belgium for a branch office.
In India, it has 3,244 branches and over 4,000 ATMs. It is also in the process of converting the existing branches in urban localities into Xperience branches, by automating certain processes.
Talking about the bank’s restructured loan portfolio, he said of the total restructured portfolio of Rs 13,000 crore, two State electricity boards account for Rs 2,600 crore (UP SEB Rs 1,400 crore, and Rajasthan SEB Rs 1,200 crore).
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