United Bank of India is planning to issue and allot BASEL-III Compliant Listed Additional Tier-I debt instruments in the nature of Bonds of Face Value of Rs 10 lakh each, with or without Green Shoe Option, aggregating up to Rs 500 crore. The Board of Directors of the Bank proposes to consider and approve the same by circulation on November 20, 2017.
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.
