United Bank of India has issued and allotment of 5,000 units of Unsecured, Non-Convertible, Fully Paid-Up, Redeemable, Listed, BASEL III Compliant, Tier 2 Bonds (Series IX) in form of Promissory Note of Face Value of Rs 10 lakh each, aggregating to Rs 500 crore on private placement basis. The Issue opened on August 23, 2017 and was entirely subscribed by Life Insurance Corporation of India (LIC). The Bonds are proposed to be listed on the wholesale Debt Segment of BSE.
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.
