United Bank of India likely to trim interest rates
By Vaibhav Aggarwal
Jun 24, 2009
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Following the suit of reducing lending rates, Kolkata-based, United Bank of India is expected to severe both lending and deposit rates by up to 50 basis points, by next week.

SC Gupta, chairman and managing director, said, "Our asset liability committee will take a call on interest rates next week. We may reduce rates by 25-50 bps."

"With this, the existing floating rate in all corporate and retail categories borrowers such as MSME, agriculture, retail trade and other sectors, as well as potential borrowers will get the benefit of reduced rate of interest," he added.

Earlier the bank had reduced BPLR by 25 basis points (to 12.25 percent per annum) with effect from 1st April 2009.

The state-run bank is also planning to float its first initial public issue in December this year, through which the bank expects to raise Rs. 300-400 crore. Earlier, this year, the bank received government approval for infusion of Rs 800 crore for expanding its capital base in two phases.

The bank is also considering to offload as many as 100 NPA accounts, besides, it is plans to dilute at least 20 percent government stake, from the current 100 percent holding.


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