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City Union Bank to require Rs 3,000 cr by 2014

City Union Bank (CUB) has said it would require Rs 3,000 crore by 2014, to support its target of achieving a three-fold increase in its business. "The bank's current capital is Rs 1,000 crore and Rs 1,000 crore from the profit will be pumped back. The remaining Rs 1,000 crore will be raised though rights issue or QIP," said N Kamakodi, managing director and chief executive officer, CUB. It is planning to seek its shareholders' approval to raise Rs 300 crore through QIP at the upcoming AGM, scheduled in August. The bank has been growing at five-six per cent over the years, and ...