Union Bank of India is exploring the possibility of opening representative office or branch in five to ten overseas locations, its Executive Director T Y Prabhu said today.
UBI was eyeing Australia, New Zealand, Canada, a few countries in Africa and the far-east for such initiatives, he told reporters here.
The bank recently opened a branch in Hong Kong, he said, adding, it would convert its representative office in Shanghai into a branch next year. It also has a representative office in Abu Dhabi.
UBI planned to raise tier-II capital of Rs 500 crore "once the interest rate stabilises", Prabhu said. "We have a headroom for raising tier-II capital of Rs 3,000 crore".
He said the bank was tracking a credit growth of 20 per cent in the second quarter (July-September 2008).