United Bank of India, the state-run lender, has raised Rs 150 crore through private placement of Basel III-compliant additional tier-I bonds. The bank has issued and allotted through private placement, rated, unsecured, non-convertible, perpetual, listed Basel-III compliant 11.95% additional Tier-1 bonds of face value of Rs 10 lakh per Bond aggregating to Rs 150 crore.
United Bank of India is one of the 14 major banks which were nationalized on July 19, 1969. After nationalization, the Bank expanded its branch network in a big way and actively participated in the developmental activities, particularly in the rural and semi-urban areas in conformity with the objectives of nationalization.
