United Bank plans QIP for raising Rs 1,000 crore

United Bank of India is planning to opt for a qualified institutional placement (QIP) for raising about Rs 1,000 crore capital. The Kolkata-headquartered PSU bank will use the money raised for overseas expansion.

"It (QIP) is a long-term process. It requires at least three to five months," United Bank of India chairperson and MD Archana Bhargava said. "The bank requires capital for its overseas expansion. Rs 1,000 crore money to be raised through QIP will be used for it."

The state-run lender is also planning a rights issue after the QIP, she added.