UCO Bank is planning to raise offshore money through dollar bonds in what will be its first overseas bond offering. The bank is looking to raise funds through a Reg S bond, which means the issue will be open to overseas investors outside the United States.
The lender is in the process of finalizing banks for the mandate and is expected to raise the funds in the next two months. The size and tenure of the issue are in the process of finalization.
Recently, UCO Bank was aiming a two-fold growth in total business to Rs 6 lakh crore by FY16 through customer acquisition and network expansion. In this regard, the bank was also looking to raise the number of its branches to 4,000 by March 2016 from 2,239 at present and its automated teller machine (ATM) network to 5,000 from the current 681. The bank was also targeting an increase in the number of account holders to 4.8 crore from 1.40 crore at present over the next five years.
Company Name | CMP |
---|---|
SBI | 830.55 |
Bank Of Baroda | 265.45 |
PNB | 126.35 |
Canara Bank | 116.25 |
Union Bank Of India | 142.70 |
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