UCB to form subsidiary in Singapore

United Commercial Bank (UCB) has decided to form a subsidiary in Singapore to acquire a remittance business.

Its paid-up capital would be $900,000, said the listed lender in a filing on Dhaka Stock Exchange (DSE) yesterday.

The company would be formed once regulators give the approval, it added.

The bank has also decided to issue UCB 2nd Perpetual Bond, an unsecured, contingent-convertible and non-cumulative bond, amounting to Tk 500 crore. This will be included in the additional Tier-I capital subject to the approval of regulators.