UBI to spread wings in A-PAC, Canada

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Bangalore, Aug 18 (UNI) Public sector Union Bank of India would open representatives offices or its own branches in ten locations in Asia Pacific and Canada, Bank Executive Director T Y Prabhu said today.

Speaking to reporters on the sidelines of a function here he said the bank was exploring suitable locations in Australia, New Zealand, in Africa, Canada and a few other countries.

He said UBI had recently opened its branch in Hong Kong and would convert its representatives offices in Shanghai in China next year.

It also has a similar office in Abu Dhabi in UAE.

He said the bank was expecting a credit growth of 20 per cent in the second quarter. It planned to raise Rs 500 crore through tier-II capital once the interest rates 'stabilized', he said.

"We can raise Rs 3000 crore through such avenue," he added.

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