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Union Bank of India (UBI) on Wednesday said it has modified its systems and processes to embrace the change from London Inter-Bank Offered Rate (LIBOR) to Alternative Reference Rates (ARRs).
The public sector bank, in a statement, emphasised that it has already concluded deals in ARR (Secured overnight financing rate/SOFR for US Dollar loans) through its overseas branches (at Hong Kong, DIFC Dubai & Sydney) and through its domestic branches.
Also read: LIBOR Transition: Systems and processes aligned to support transactions linked to ARR, says SBI
The bank is offering ARR-based trade finance loans, bilateral, syndication, export credit, foreign currency and multiple banking loans, per a statement.
Rajkiran Rai G, MD & CEO, UBI, said, “LIBOR transition is a significant financial event affecting international financial markets. We are well prepared to assist the smooth transition in embracing ARR mechanism in the Indian banking industry.”
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