Union Bank of India is planning to raise $500 million through issue of medium-term notes (MTN) to investors in Singapore, Hong Kong and London. In this regard, the bank will start road shows for the issue from next week. The bank will use the raised fund for its international operations.
In March, the bank had opened a branch in Dubai International Financial Centre (DIFC), which is the lender's second foreign branch. The other overseas branch of the bank is at Hong Kong.
The bank has reported 37.67% rise in its net profit at Rs 302.40 crore for third quarter ended December 31, 2012 as compared to Rs 219.66 crore for the same quarter in the previous year. Total income of the bank has increased by 16.19% at Rs 6959.37 crore for quarter under review as compared to Rs 5989.48 crore for the quarter ended December 31, 2011.
