Union Bank of India gains on inking MoU with SIDBI

Union Bank of India is currently trading at Rs. 39.45, up by 0.70 points or 1.81% from its previous closing of Rs. 38.75 on the BSE.

corporation bank rises on getting nod for merger with union bank of india
corporation bank rises on getting nod for merger with union bank of india

The scrip opened at Rs. 38.90 and has touched a high and low of Rs. 39.75 and Rs. 38.70 respectively. So far 969399 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 54.80 on 09-Nov-2021 and a 52 week low of Rs. 32.65 on 23-Aug-2021.

Last one week high and low of the scrip stood at Rs. 39.75 and Rs. 35.45 respectively. The current market cap of the company is Rs. 26963.08 crore.

The promoters holding in the company stood at 83.50%, while Institutions and Non-Institutions held 8.23% and 8.27% respectively.

Union Bank of India has signed a Memorandum of Understanding (MoU) with Small Industries Development Bank of India (SIDBI) for a Co-Financing arrangement for MSMEs.

Under the MoU, Union Bank of India would consider Joint financing/ Co-Financing with SIDBI to Projects/Units in the MSME.

This MoU would help the Banks to increase their Customer base, while helping the MSMEs to meet their funding requirements.

The key highlights of the arrangement include joint identification of viable projects and term loan and working capital financing to MSMEs.

Initially the arrangement would be at specific centers and once the arrangement stabilizes at these centers, more locations would be covered.

Union Bank of India is one of the largest government-owned banks of India.

The Bank offers products and services in three categories – Deposits, Loans and Advances, and Remittances & Collections.

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