Canara bank looks for overseas expansion

New Delhi, Sep 1: Canara Bank today said it will raise 100 million dollars by way of Hybrid Capital Tier I Bonds and 200 million dollars by way of Upper Tier II Bonds in the first tranche.

The bank plans to raise the capital funds from both international and domestic markets.

It has appointed Citi Group Global Capital Market, Hongkong and Shanghai Banking Corporation Ltd, ABN Amro Bank NV and UBS-AG as mandated lead managers to the issue.

The funds raised will be utilised by Canara Bank for meeting capital requirements and funding overseas expansion and long term funds requirements for overseas operations.

With the funds so raised, it expects the capital adequacy ratio (CAR) to be above 12 per cent.

UNI