UBI retail branches target lendings worth Rs6,000 cr

UBI retail branches target lendings worth Rs6,000 cr

Mumbai: In an ambitious move to increase its retail business, public sector lender Union Bank of India (UBI) plans to disburse around Rs6,000 crore per annum through 32 special retail asset branches. These branches would be set up across India over the next one year and each branch would have a disbursement target of Rs10-15 crore per month, UBI’s chairman and managing director, M.V. Nair, said. In addition, the bank will set up 12 small and medium enterprise (SME) ‘saral’ centres with a monthly disbursement target of Rs10 crore. The bank is betting big on the SME segment and expects a 35-40% growth in this segment. “We want to aggressively grow our retail portfolio. The SME segment, retail and agri-credit would constitute the three growth engines for the bank over the next three years," Nair said. The retail asset centres will focus exclusively on pushing the bank’s retail products, he said. PTI

Sony Online denies report that it’s for sale

Mumbai: Multiplayer online games developer and publisher, Sony Online Entertainment Llc., on Sunday denied a newspaper report which said that Zapak Digital Entertainment Ltd, part of the Anil Dhirubhai Ambani Group, was buying Sony Online and said the company was not up for sale.

‘The Economic Times’, citing anonymous sources and an unnamed Zapak official, had in a front page story on 23 December reported that Zapak was set to buy Sony Online for about $300 million (Rs1,188 crore).

“Sony Online Entertainment is not for sale and the report that Zapak is purchasing Sony Online Entertainment is completely erroneous and false," a company spokesperson for San Diego-based Sony Online said. Sony Online is part of global electronics maker Sony Corp. Reuters

Barclays plans to shore up India retail business

Mumbai: British bank Barclays Plc., which recently infused $70 million (Rs277 crore) into its India retail operations, on Sunday said it was targeting a double-digit market share in the segment.

A late entrant to retail lending, Barclays has aggressive plans to strengthen its footprint in the subcontinent. As part of its strategy, the bank plans to open a branch in Gujarat in the New Year, Barclays managing director, Indian Ocean, Samir Bhatia, said.

“We know the customers well and about the kind of products demanded by this market," Bhatia said. “Since its launch in May this year, our retail portfolio has been growing very well."

Currently, Barclays has four branches in the country in New Delhi, Bangalore, Mumbai and Chennai. The fifth branch will be in Junagarh, Bhatia added. PTI