Page 4 - Union Bank

Union Bank of India gets board approval to raise up to Rs 8,100 cr

State-owned Union Bank of India (UBI) on Thursday said its board of directors has approved raising up to Rs 8,100 crore by issuing equity shares through various modes. The board of directors, in its meeting held on May 26, considered and approved raising of equity capital not exceeding Rs 3,800 crore, within the overall limit of Rs 8,100 crore, the bank said in a regulatory filing. Besides, the lender got the approval for raising of additional tier I (AT I) and/or tier II bonds not exceeding Rs 4,300 crore within the overall limit of Rs 8,100 crore, it said. The equity funds are to be raised through various modes such as public issue of shares (follow on public offer) or rights issue or on a private placement basis. Likewise, the funds to be raised by issuing bonds can be raised through issuance of green or foreign currency denominated AT I/II bonds. UBI said it will seek approval from the shareholders for the proposed fund raising plan in its Annual General Meeting (AGM) schedul

Union Bank Q4 net up 8.26% on improvement of net interest margins

It had posted a net profit of Rs 1,330 crore in Q4FY21

Union Bank of India reports 8% rise in fourth-quarter profit at Rs 1,440 cr

The lender had logged a net profit of Rs 1,330 crore in the same quarter of previous fiscal year

Banks miss Rs 50,000 crore bad loan transfer deadline of March 31 to NARCL

A total of 38 non-performing accounts - amounting to Rs 82,845 crore - were identified for transfer to NARCL, in a phased manner

Union Bank of India raises Rs 1,500 cr through Basel-III compliant bonds

The bank has allotted unsecured, subordinated, non-convertible, taxable, perpetual, fully paid-up Basel III compliant additional tier-I bonds in the nature of debentures, aggregating to Rs 1,500 crore

Atleast 50% of retail, MSME loans to move to digital lending: Union Bank MD

Close to 50 per cent of retail and MSME loans offered by banks will shift to digital lending platforms over next two to three years, Rajkiran Rai G said on Thursday.

Public sector lender Union Bank registers 255% growth in profit

Mirroring the trend set by several other PSBs also reporting higher profitability in the current year

Good show by banks but can they sustain it?

Till March, banks could hold on but not all of them will be in a position to stomach the impact of the second wave of the pandemic

Winners' curse: Top bosses at PSBs see their term ending much before time

Govt has appointed 14 EDs at public-sector banks; their performance will be reviewed after three years for a two-year extension

Union Bank completes IT integration of all Andhra Bank branches with itself

Union Banks it has completed IT integration of all branches of erstwhile Andhra Bank with itself

Union Bank gets shareholder approval to raise up to Rs 6,800 crore

Shareholders of Union Bank of India approved the bank's proposal for raising up to Rs 6,800 crore equity capital to fund business growth

Shapoorji Pallinji defaults on Union Bank commercial paper worth Rs 200 cr

SPCPL, being in the construction and real estate sector, has been severely affected due to Coviod-19

PSBs report 2,867 cases of frauds worth Rs 19,964 cr in April-June qtr: RBI

Of the 12 PSBs, SBI reported the maximum 2,050 fraud cases involving Rs 2,325.88 crore during April-June 2020

Union Bank plans to raise Rs 2,000 crore by issuing Tier-II bonds

The bank also has flexibility to raise additional equity from the market, with government stake at 89.1 per cent as of June 30

Unlock BFSI 2.0: Early to predict the economic recovery curve: Bank CEOs

Top bank executives attempted to shed the tag of being risk-averse and averred that viable businesses would get the red carpet from lenders

Covid-19 impact: Union Bank estimates 6-7% of loans may be restructured

These loans include corporate accounts, where Rs 6.3 trillion of credit may be recast, and non-corporate accounts (Rs 2.1 trillion), such as retail, agriculture and MSME

Union Bank posts Q1 net profit of Rs 341 cr, total income at Rs 20,487 cr

State-owned Union Bank of India on Friday reported a consolidated net profit of Rs 340.95 crore for the first quarter ended June 2020

After MSMEs, let's focus on large stressed sectors

The Rs 3-trillion booster dose may help bring MSMEs back on the rails but to whom will they supply goods? It's time to take a look at companies with enough assets but strained cash flows

Union Bank creates new organisational structure with 18 zonal offices

The bank has opened two new zonal offices in the southern part of the countryaimed at further strengthening its market share

Why the three-month moratorium on your home loan EMI may not be a good idea

Many lenders also advised borrowers not to make use of the moratorium offer in case they were in a position to pay their instalments on the due date