Corporation Bank to raise Rs 2k cr this fiscal

Corporation Bank would raise Rs 2,000 crore during the current financial year.

Corporation Bank would raise Rs 2,000 crore during the current financial year,its Chairman and Managing Director J M Garg said.

He said that the money would be raised through perpetual and subordinated bonds.

During the current fiscal,the bank is targetting to achieve a business of Rs two lakh crore,Garg told reporters.

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He said that the bank would upgrade its representative offices in Dubai and Hong Kong to full-fledged branches,besides Bahrain,London and Singapore.

“We have applied to the RBI for approval,” Garg said.

In India,the bank would set up 200 branches in the next five years,he said.

Garg said that the bank was planning to foray into general insurance for which a consultant had been appointed.

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He said that in 2011-12,the bank could go for a rights issue or a follow-on offer. At present the government holding in the bank is at 57 per cent.

The bank today opened 250 outlets across the country that included ATMs,branches and Corp Grameen Vikas Kendras.

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