State-owned Union Bank of India plans to raise a minimum of Rs 300 crore through a domestic Tier I bond issue before the end of this financial year.The bank plans to issue the bonds domestically, mostly when interest rates are lower in November.
The bank needs the capital to keep up with Basel-II requirements. Union Bank’s capital adequacy ratio was at 11.55% as of September 2007. The additional capital will take the ratio closer to 12%, a bank official said
Read more in The DNA Money article.
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