UTI bank plans to raise up to $754 million
March 13, UTI Bank said that it would raise up to $754 million through MTN programme in the next financial year even as it had its Board approval for raising about Rs.970 crore via tier II bonds.
While speaking to reporters, P.J.Nayak, CMD of UTI Bank said that they had raised 446 million euro Medium Term Note (MTN) Programme and the remaining would be raised during the next financial to fund global expansion, so far.
UTI Bank entered into a nonexclusive agreement with the IIFCL for financing infrastructure projects in the country. Under the agreement, UTI Bank and IIFCL would cooperate and complement each others’ capabilities in the areas of creating deal flow of infrastructure projects that could be structured along commercially viable lines.
Nayak said that the bank had realised that there were huge opportunities in the field of infrastructure financing, which could be tapped in order to offer customised solutions in the areas of project advisory, lending and structured finance.
The bank said that it would be opening a full service branch in Hong Kong on March 21 and another at Dubai International Financial Centre in the following month. The bank has branch in Singapore and China.
Nayak said that UTI bank had registered a growth of 60 percent so far. He said that the expected growth would be in the range of 30-40 percent.
