UTI Bank to raise $754mn in FY08

UTI Bank is planning to raise up to $754 million through its medium-term note (MTN) programme in the next financial year for overseas expansion.

"So far, we have raised $446 million under the one billion euro MTN programme, and the remaining will be raised during the next financial to fund global expansion," P J Nayak, chaiman and managing director, UTI Bank, said today.

The bank will be opening a full service branch in Hong Kong on March 21, and another branch at the Dubai International Financial Centre the following month. The bank currently has a branch in Singapore and a representative office in Shanghai, China.