Corporation Bank has received an approval for raising of Tier I Bonds in the nature of Perpetual Debt Instrument to the extent of Rs 1,000 crore and Tier II Bonds to the extent of Rs 500 crore, (both in one or more tranches) with green shoe option, as per Basel III requirement, subject to Regulatory compliances. The board of directors at their meeting held on November 06, 2014 has approved for the same.
Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906. Government of India is the majority shareholder holding 59.82% stake in the bank. Overall, the Bank has a wide network of over 9,000 centres across India, including 2,061 branches, 2,599 ATMs and 4,349 branchless banking units.
