United Bank of India (UBI) is currently restructuring its capital base, as a prelude to its maiden IPO float
Media Release
Jun. 15, 2006

United Bank of India (UBI) is currently restructuring its capital base, as a prelude to its maiden IPO float, which is expected in the current financial year.

Chairman and managing director of UBI P K Gupta told reporters here on Wednesday, at the banking conclave organised by FICCI (eastern region) that the equity base of the bank was Rs 1532 crore. He said that the bank has to reduce this, for which it was in the midst of preparing a business plan. Gupta said that bank would approach RBI and the Ministry of Finance to seek clarifications on the methodology to reduce the capital base. The UBI chairman said that besides equity, there are many other instruments, which qualify for capital funds. Recently, the Centre had allowed the bank to write off losses to the tune of Rs 248 crore against the capital base. Last year, the bank's business was Rs 45,000 crore. Gupta said that this year, the target is Rs 55,000 crore.

United Bank of India (UBI) is currently restructuring its capital base, as a prelude to its maiden IPO float
Media Release
United Bank of India (UBI) is currently restructuring its capital base, as a prelude to its maiden IPO float, which is expected in the current financial year.
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Media Release
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