UCO Bank to raise Rs 1400 crore

State-run UCO Bank, formerly United Commercial Bank, has decided to raise Rs 1,400 crore from debt in the next three months.

The bank plans to raise Rs 700 crore from tier-1 bonds and remaining Rs 700 crore from upper tier-2 bonds by March end.

The bank officials stated that the funds raised will increase the capital adequacy ratio from 11.62 per cent in December to 12 per cent.