UCO Bank provides business update

In reference to fraud in Punjab National Bank

UCO Bank announced that in the normal course of trade business, the Bank's Hong Kong branch has been negotiating export documents against Letters of Credit issued through authenticated SWIFT message by 'Punjab National Bank', after receiving acceptance through authenticated SWIFT message. The applicants for these Letters of Credit includes few of the Corporate Clients associated with the incident of recent fraud happened in Punjab National Bank.

The outstanding exposure involved in the transactions is approximately USD 411.82 Million and the Bank is fully confident to receive the payment from Punjab National Bank.

Powered by Capital Market - Live News