Union Bank to seek Rs 950-1,000 cr from govt
Kolkata: Union Bank of India will seek around Rs 950-1,000 crore capital from the government, a top bank official said.
"We are comfortable with the present capital situation of the bank. Our capital adequacy ratio is at 12 percent. But to support growth in business, we will approach the government for fresh capital infusion to the tune of Rs 950 crore to Rs 1,000 crore," the bank's CMD D Sarkar told reporters on the sidelines of Ficci Banking Conclave here.
He said the bank is expecting a business growth of 18 percent to 19 percent, while advances and deposits to grow by 18 percent and 15 percent, respectively.
During the first quarter of the current fiscal, gross NPA of the bank stood at 3.6 percent, he said.
Sarkar said that the bank was contemplating to start full-fledged banking operations in Dubai, Abu Dhabi, London, Sydney and Brussels.