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Friday, July 03, 2009 (20:01:42) |
| Tags : Business, UCO Bank, Insurance |
UCO Bank to enter general insurance business |
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| Kolkata: State-run UCO Bank will invest Rs.45 crore in its proposed general insurance company, a top bank official said here today.
"We will pick up a 30-percent stake in the general insurance venture, which will have a capital base of Rs.150 crore," the bank's chairman and managing director S.K. Goel said at a press conference.
Goel refused to name the other partners but said a foreign entity would pick up a 26 percent stake.
The bank also obtained shareholders' approval today for a follow-on public offer (FPO) to raise Rs.136 crore.
"We are eyeing a price of not less than Rs.50 a share for our FPO, which will probably be launched during the September-December period," Goel said.
The FPO will bring down the government's stake in the bank to 52 percent from 64 percent currently. (IANS) |
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