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Union Bank seeks debt instrument to boost lending capacity

By The Citizen
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Union Bank Plc said on Wednesday it would seek shareholders' approval in June to raise up to $750m in a medium-term debt instrument to fund big ticket lending to the oil, power and telecom sectors.

According to Reuters, Union Bank has been transforming its image after new investors recapitalised the lender three years ago following a central bank rescue of the institution in 2009.

'Union Bank has ramped up lending to key sectors … which requires large foreign currency funding,' the lender said in a statement. It said Union Bank was not looking to raise equity.