UCO Bank to seek capital from government

KOLKATA: Public sector UCO Bank would approach the government for fresh infusion of capital to meet Basel-III norms.

"We will write to the government seeking capital for the bank," chairman of UCO Bank Arun Kaul said today.

"We are taking adequate steps for getting Tier-I, Tier-II capital. We have options to go to the market or approach the government," Kaul told shareholders at the bank's 10th AGM here today.

He said that the bank was already having branches in Hong Kong and Singapore. "We are now looking at South East Asia," Kaul said.

Kaul said that the bank had restructured accounts worth Rs 8,500 crore.

He said that bank had adopted a strategy to diversify portfolio from large corporates to MSME, retail and agriculture.