Page 2 - Union Bank Of India

PFC's power drive flickering under record debt burden, govt scheme

The state-run financer for generators and distributors is struggling under a record debt burden even as it is being asked to underwrite the government's latest scheme to rescue inefficient discoms

Nifty PSU Bank index can rally up to 13%; check top stock picks

The PSU Bank index has rallied 31 per cent as against a 16 per cent surge in the benchmark from June lows; Among stocks, Bank of Baroda, Indian Bank and Union Bank of India can rally up to 16%.

SBI likely to issue Rs 7,000-cr additional tier-I bonds by August-end

Last month, SBI's board had provided approval for raising up to Rs 11,000 crore via additional tier-I and tier-II bonds to meet regulatory requirements and support business growth

Union Bank expects to recover Rs 15,000 crore from bad loans this fiscal

Union Bank of India expects to recover Rs 15,000 crore from bad loan accounts during the current fiscal year, and a bulk of this would come from accounts undergoing insolvency resolution process. It expects to make recoveries worth Rs 10,000 crore from accounts under the National Company Law Tribunal (NCLT) for resolution of bad loans in 2022-23, the bank said during an analysts conference call post June 2022-23 quarter earnings announcement last week. Replying to a question on recovery guidance for full year 2022-23, Managing Director and Chief Executive Officer A Manimekhalai said: "The recovery will be around Rs 15,000 crore." Besides, the public sector lender is also likely to shift a few accounts under the newly incorporated debt resolution company NARCL. A total of 44 bad loans have already been approved by the NCLT with loan exposure of Rs 4,842 crore. Additional 55 dud accounts cleared by the Committee of Creditors (CoCs) are awaiting approval of the tribunal. The 55 NPA .

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

Union Bank of India Q1 net profit rises 32% YoY to Rs 1,558 crore

Eyes QIP for equity up to Rs 3,500 cr in Q3FY23

Union Bank of India Q1 net rises 32% at Rs 1,558 cr on lower bad loans

Union Bank of India on Tuesday reported a 32 per cent rise in standalone net profit to Rs 1,558.46 crore for the quarter ended June 2022, helped by a fall in bad loans

SBI board approves Rs 11,000 cr capital raise via AT1, tier-II bonds

Money to be raised in rupees, dollars or other convertible currency; lender's CAR at 13.83%, with tier-I of 11.42% and Tier-II of 2.41%, March-end

FSIB recommends former Union Bank of India MD for post of NaBFID MD

The Centre, earlier this month, transformed the Banks Board Bureau into FSIB and expanded the headhunter's role to suggest appointments for PSU banks, insurance companies and financial institutions

Canara, Union Bank to raise around Rs 4,000 cr via AT-1 bonds by next week

Union Bank plans to raise up to Rs 2,000 crore while Canara Bank plans to issue AT-1 bonds worth up to Rs 2,000 crore, say sources

DHFL scam takes CBI to underworld's doors; Chota Shakeel link under probe

The central probe agency has found material showing that public funds were diverted to people allegedly linked to Shakeel, they said.

Indian PSBs plan to exit Hong Kong as strict regulations, Covid woes pinch

State Bank of India (SBI) will likely be the only PSB in Hong Kong, alongside private sector banks ICICI and HDFC

A Manimekhalai appointed as MD of Union Bank; Saha takes charge of P&S Bank

The government has appointed A Manimekhalai as managing director of Union Bank of India and Swarup Kumar Saha as head of Punjab & Sind Bank. The notifications in this regard were issued by the Department of Financial Services earlier in the day, sources said. Canara Bank executive director Manimekhalai replaced Rajkiran Rai G, who retired on May 31 after a five-year stint. With her assuming the charge, Manimekhalai becomes the first woman managing director of Union Bank of India. Manimekhalai, a Master of Business Administration degree holder from Bangalore University, joined erstwhile Vijaya Bank as Officer in 1988. Prior to being elevated as ED of Canara Bank, she was General Manager of Vijaya Bank and headed the Bangalore north region. She was instrumental in devising and implementing strategic policies, covering core areas like strategic planning, setting organisational goals, growth strategies, action plans, compliance, internal control, etc, Union Bank of India said in a ...

Appointment of managing directors at three PSBs gets govt's approval

The appointments are in line with the recommendations made by the Banks Board Bureau

Union Bank to raise up to Rs 8,100 cr in capital for business expansion

The lender's board approved raising equity capital up to Rs 3,800 crore, within overall limit of Rs 8,100 crore, said the company in filing with BSE

Union Bank of India gets board approval to raise up to Rs 8,100 cr

State-owned Union Bank of India (UBI) on Thursday said its board of directors has approved raising up to Rs 8,100 crore by issuing equity shares through various modes. The board of directors, in its meeting held on May 26, considered and approved raising of equity capital not exceeding Rs 3,800 crore, within the overall limit of Rs 8,100 crore, the bank said in a regulatory filing. Besides, the lender got the approval for raising of additional tier I (AT I) and/or tier II bonds not exceeding Rs 4,300 crore within the overall limit of Rs 8,100 crore, it said. The equity funds are to be raised through various modes such as public issue of shares (follow on public offer) or rights issue or on a private placement basis. Likewise, the funds to be raised by issuing bonds can be raised through issuance of green or foreign currency denominated AT I/II bonds. UBI said it will seek approval from the shareholders for the proposed fund raising plan in its Annual General Meeting (AGM) schedul

Bank settlement proposal in NCLAT: Supertech management tells SC

The erstwhile management of realty firm Supertech on Wednesday informed the Supreme Court that it has submitted a settlement proposal with Union Bank of India

Union Bank of India reports 8% rise in fourth-quarter profit at Rs 1,440 cr

The lender had logged a net profit of Rs 1,330 crore in the same quarter of previous fiscal year

Union Bank of India becomes the first Public Sector Bank to join the Account Aggregator Ecosystem

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In talks with bank to settle dispute over dues: Ex-Supertech managers to SC

Embattled real estate major Supertech Ltd on Friday informed the Supreme Court that it is in talk with the financial creditor Union Bank of India to resolve the dispute over the payment of dues.