Union Bank to seek Rs10b from government

Public sector lender Union Bank of India (UBI) will seek capital investment up to Rs10 billion from the central government to clock around 18-20 per cent growth in its business at the end of this financial year, a top official said on Thursday. “This year, we plan to ask for Rs950 crore to Rs1,000 crore to meet our business growth target,” UBI chairman and managing director (CMD) D. Sarkar told reporters on the sidelines of a FICCI event. Sarkar said the bank had sought Rs.6.5 billion (Rs.650 crore) from the central government in the last fiscal but did not get it. He said the Mumbai-headquartered bank. From:Gulftoday