UBI to cut capital base

Kolkata, Jun 14 (UNI) United Bank of India (UBI) will restructure its capital base ahead of its maiden IPO, which is expected in the current fiscal.

Chairman and Managing Director of UBI P K Gupta told reporters that the equity base of the Bank was Rs 1,532 crore.

Speaking in the sidelines of the banking conclave organised by FICCI (Eastern region), he said the Bank has to reduce this for which it was in the midst of preparing a business plan.

Gupta said the Bank would approach RBI and Finance Ministry to seek clarification on the method to reduce the capital base.

He said besides equity, there are many other instruments which qualify for capital fund.

He said last year the Bank's business was Rs 45,000 crore. This year the target is Rs 55,000 crore.

He said the Bank's capital adequacy ratio (CAR) stood at Rs 13.12 per cent.

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