Business Daily from THE HINDU group of publications
Thursday, Jun 15, 2006
Business Daily from THE HINDU group of publications Thursday, Jun 15, 2006 |
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Money & Banking
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Public Sector Banks United Bank hopes to wrap up capital rejig Our Bureau
Kolkata , June 14 United Bank of India hopes to wrap up the entire capital restructuring exercise in line with expectations, leading to its initial public offering, Mr P.K. Gupta, Chairman and Managing Director, indicated here on Wednesday, adding that the bank now operates on the strength of a clean balance sheet. The bank plans to evaluate ways in which its proposals on this front can be carried forward to their logical conclusion. The idea is to work out a fresh business strategy on the basis of its restructured capital base. The Kolkata-based bank has lately mooted a plan to adjust losses against capital. Its accumulated losses, which had stood at over Rs 270 crore in March 2005, have been scaled down progressively. Its performance in March 2006, in fact, was marked by a wiping-off of such losses. Mr Gupta, who hoped that the bank would continue to gain from the credit growth expected in the Indian economy, said that the bank returned to the dividend list after 14 years. He was addressing newspersons after flagging off a banking conclave organised by FICCI.
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