UCO Bank to go for IPO in 2008: S A Bhat

Hyderabad, Feb 2: UCO Bank Executive Director S A Bhat today announced that the bank would go for public offer in 2008 as per the recommendation of banking reforms committees.

Speaking to newspersons here, Mr Bhat, who came to the city to inaugurate a new branch of the bank, said UCO Bank would not go for public offer in 2007. It would be realized in 2008 after the RBI approved the proposal.

Stating that it aimed to achieve 20 per cent more business during this financial year, he said the bank would focus on mid-corporate business, retail sector and consumer financing to achieve the targets set by the bank in 2007-08.

The bank was planning to launch its operations in China by the end of this February and was waiting for clearance from China's Central bank, Mr Bhat said.

The RBI has already approved the proposal of setting up a branch in China.

Another 42 new branches would be opened in the country by the end of March 2007, he said adding that bill payment facility would be introduced through internet banking shortly.

UNI