Bank of Baroda to raise 1500 crore
The country's third largest public sector lender Bank of Baroda (BoB) has revealed its plans to raise about Rs 1,500 crore in the next 7 months from bonds.
The move has been planned by the bank to meet its capital requirement.
The lender plans to raise Rs 1,500 crore from Tier I and II bonds in the remaining part of the fiscal, which will help in maintaining capital adequacy ratio of over 12.5%. The bank expects credit growth of 25% in the fiscal.
In a separate release, Bank of Baroda (BoB) today launched an initiative to facilitate two-way flow of investments between India and the UAE.
Bank officials stated in a communiqué that the share of the UAE in the overall FDI flows to India is only 1 per cent, so there is tremendous scope to enhance this. It should be noted that Bank of Baroda is the only Indian bank with full-fledged branches in the UAE.
The overseas business accounted for 43% of the bank's net profit during the recent quarter.