Union Bank's maiden dollar bond draws 7.8x subscription, listed at GIFT City

The listing was held at GIFT City, Gandhinagar, through a bell-ringing ceremony organised by NSE International Exchange (NSE IX), the bank said in a press release.

In a press release the bank said that strong investor response is a sign of confidence in its financial position and growth plans.

The strong response from global investors reflects their confidence in Union Bank of India. They have closely evaluated our balance sheet, asset quality, capital position, governance standards and growth trajectory, and have placed their trust in the Bank, Union Bank Managing Director and CEO Asheesh Pandey said.

Pandey said the listing was more than a financing milestone and marked a stronger presence for the bank in global markets.

Today is more than the listing of a bond; it demonstrates our strong presence in the global market, reaffirms investor confidence in our franchise, and opens a new chapter in our growth journey, he said.

The bank said the issuance would help diversify its funding base and strengthen its international presence as it increases engagement with global capital markets.

Pandey further added that the bank would focus on supporting sectors including infrastructure, manufacturing, micro, small and medium enterprises (MSMEs), renewable energy, logistics and technology-led businesses.

This issuance is the first of many steps in deepening our engagement with international investors, he said.

The bank also sees scope to expand its activity at GIFT City. Pandey said Union Bank plans to increase its presence there in the coming quarters, describing GIFT City as an important international financial centre.

We also see significant potential in GIFT City and plan to expand our activity there in the coming quarters, further strengthening our presence in this important international financial centre, he said. (ANI)