Financial Daily from THE HINDU group of publications
Tuesday, Jul 29, 2003
Financial Daily from THE HINDU group of publications Tuesday, Jul 29, 2003 |
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Money & Banking
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Public Sector Banks UBI to open offshore unit in Mumbai SEEPZ Our Bureau
Thiruvananthapuram , July 28 UNION Bank of India will open its first offshore banking unit in SEEPZ - II in Mumbai. The unit would start functioning from July 31 and exporters from other special economic zones in the country would also be able to make use of the facility, according to Mr M. Venugopalan, Executive Director of the bank. He told newspersons here that the bank had signed a memorandum of understanding with Ford to make available vehicle loans to buyers. Similar MoUs would soon be signed with other vehicle manufacturers like Maruti Udyog and Tata Engineering. The loans would carry an interest rate of 10.5 per cent. Mr Venugopalan, who was here to inaugurate the bank's first core banking in Kerala, said 500 branches would be brought under the facility by December 2004. This would cover as much as 70 per cent of the bank's total business.
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