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United Bank of India shines on receiving RBI nod for opening representative office at Myanmar

United Bank of India - (Amalgamated) | Bank - Public | BFSI | BSE: 533171 | NSE: UNITEDBNK

21 Mar 2012 Evaluate

United Bank of India is currently trading at Rs. 71.65, up by 1.20 points or 1.70% from its previous closing of Rs. 70.45 on the BSE.

The scrip opened at Rs. 70.50 and has touched a high and low of Rs. 72.40 and Rs. 69.80 respectively. So far 31,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 114.10 on 06-Apr-2011 and a 52 week low of Rs. 45.55 on 02-Jan-2012.

Last one week high and low of the scrip stood at Rs. 73.90 and Rs. 69.15 respectively. The current market cap of the company is Rs. 2,467.00 crore.

The promoters holding in the company stood at 85.48% while Institutions and Non-Institutions held 2.83% and 11.68% respectively.

United Bank of India has received Reserve bank of India’s (RBI) nod for opening representative office at Yangoon, Myanmar. This will be the maiden venture of a bank incorporated in India to have its presence in Myanmar. The office is expected to be opened during the first quarter of the next financial year. The bank will now seek permission of Central Bank of Myanmar for opening its representative office over there.

Earlier, looking at the possibility of increased business opportunity in Indo - Myanmar trade, the board of directors of the bank approved opening of a representative office in Yangoon, Myanmar.

The proposed representative office will not handle any financial transaction rather the officials will devote for removing all bottle necks in trade settlement process and will work in unison with all other agencies in achieving the target set by the Government in boosting of trade volume from present level of $1.5 billion to $3.00 billion within next three years.

United Bank of India is now the designated banker for Indo - Myanmar trade. It has been facilitating settlement of trade transactions in EURO and Singapore Dollar (SGD) through the account of banks in Myanmar being maintained with its Mumbai Overseas Branch. The barter trade at Moreh - Tamu is executed with assistance of Moreh Branch of the Bank.

United Bank-Amalgama Share Price

8.02 0.00 (0.00%)

20-Mar-2020 18:01 View Price Chart

Peers

Company Name	CMP
SBI	1071.35
PNB	113.05
Canara Bank	141.80
Bank Of Baroda	278.50
Union Bank Of India	188.55
View more..

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United Bank of India shines on receiving RBI nod for opening representative office at Myanmar

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