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United Bank rises on receiving license to open representative office in Myanmar

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

25 Jun 2012 Evaluate

United Bank of India is currently trading at Rs. 62.45, up by 1.40 points or 2.29% from its previous closing of Rs. 61.05 on the BSE.

The scrip opened at Rs. 61.80 and has touched a high and low of Rs. 62.45 and Rs. 61.70 respectively. So far 8,053 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 99.80 on 08-Jul-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. 65.90 and Rs. 60.00 respectively. The current market cap of the company is Rs. 2,254 crore.

The promoters holding in the company stood at 81.56% while Institutions and Non-Institutions held 7.48% and 10.97% respectively.

Kolkata-based lender United Bank of India (UBI) has been permitted by the Central Bank of Myanmar to open a Representative Office in Yangon. This is a maiden venture of a bank incorporated in India to have its presence in Myanmar. Being the first bank to receive the license, UBI will take this opportunity to leverage huge business potential between Myanmar and India.

The representative office will not handle any financial transaction rather the officials will be engaged more on removing bottlenecks in trade settlement process and will work in unison with all other agencies in achieving desired target.

The license was handed over to Chairman and Managing Director of the bank by the Deputy Governor of Myanmar Central Bank in an event organized at the office of Central Bank of Myanmar Capital, Nay Pyi Taw on June 19, 2012. This step by Myanmar Central Bank is seen as a step towards strengthening of the trade relations between India and Myanmar.

United Bank of India has emerged as a strong and efficient banking organisation over the years and plays an integral role in the socio-economic development of the Eastern and North-Eastern States of the country. The bank at present has a strong presence with its total 1678 branches and 800 ATMs spread across the country.

United Bank-Amalgama Share Price

8.02 0.00 (0.00%)

20-Mar-2020 18:01 View Price Chart

Peers

Company Name	CMP
SBI	1066.90
PNB	113.20
Canara Bank	139.80
Bank Of Baroda	277.45
Union Bank Of India	187.55
View more..

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United Bank rises on receiving license to open representative office in Myanmar

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