Union Bank of India to raise Rs 2900 crore through bonds

Union Bank of India, one of the largest public sector banks of India, has received its board’s approval to raise up to Rs 2900 crore of debt capital by March 31, 2017 by way of issue of Basel III compliant Perpetual Debt Instruments (Additional Tier 1) or Basel III compliant Tier 2 bonds. The funds could be raised either in foreign currency or Indian rupee.

Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections. Its segments include treasury operations, corporate & wholesale banking, retail banking and other banking operations.