UBI to spread wings in Asia Pasific, Canada

Bangalore, Aug 18 (UNI) Union Bank of India (UBI), a Public sector bank, would open representatives offices or its own branches in ten locations in Asia Pacific and Canada.

Speaking to newspersons here today, UBI Executive Director T Y Prabhu said the bank was exploring suitable locations in Australia, New Zealand, Africa, Canada and in 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 had a similar office in Abu Dhabi in UAE, he added.

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

''We can raise Rs 3000 crore through such avenue,'' he said.

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