Want to cut govt stake in Union Bank to at least 75%: CEO A Manimekhalai

The government holding is about 83 per cent and the Life Insurance Corporation has 7 per cent

A Manimekhalai, managing director and chief executive officer, Union Bank of India, took charge at the public-sector lender in early June. In her first interaction after taking office, Manimekhalai shares with Manojit Saha and Abhijit Lele the bank’s plans to reduce bad loans and increase deposits in current and savings accounts. Edited excerpts:

Union Bank has the board’s approval to raise Rs 8,000 crore. You said the bank was looking to raise funds via qualified institutional placement (QIP). How much do you want to raise in the next few quarters?
 

We want to do a QIP because our market capitalisation