UBI approaches govt for capital infusion of Rs1,800 cr

UBI approaches govt for capital infusion of Rs1,800 cr
PTI
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First Published: Fri, Sep 25 2009. 02 19 PM IST
Updated: Fri, Sep 25 2009. 02 19 PM IST
Mumbai: “Union Bank of India (UBI) has approached the government for a capital infusion of Rs1,800 crore to fuel its expansion plans,” bank’s executive director, S.Raman said on Friday.
“We have asked for Rs1,800 crore capital from the government. Whether this will be availed in equity or some other form remains to be worked out,” Raman said.
“The bank expects Sebi approval for its proposed asset management company (AMC) in the next few days,” Raman said, adding, once the approval is secured, the bank expects to start operations of the AMC in a couple of months.
“We expect this any time now,” Raman said.
“With industrial activities picking up, the bank has seen a pick-up in credit in the last one month and the situation is expected to improve further in the months ahead,” Raman said.
“The public sector lender did not expect any significant increase in its non-performing assets (NPAs) in the remaining part of this fiscal,” he added.
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First Published: Fri, Sep 25 2009. 02 19 PM IST