Free Press Journal

United Bank mulling to shift treasury department to Mumbai


Mumbai: Kolkata-based lender United Bank of India is mulling at shifting its treasury department to the financial capital of the country in order to stay closer to the market. “In Kolkata, we are away from the market. Your only source of information is (trading) screen. How much can you gain by watching the screen?” the bank’s Managing Director and Chief Executive Officer P Srinivas told PTI.

“We are studying the proposal to shift our treasury operations to Mumbai. We have the place available in one of our offices. We just have to take care of the infrastructure,” he said. Srinivas said shifting of operations will help its treasury department to increase their knowledge base and increase interactions with the market players who are all based in Mumbai.

The bank may also look at appointing a consultant which will help it in the entire shifting process. Out of the 27 state-run banks, only three public sector banks have their treasury base out of Mumbai.

Indian Bank and Indian Overseas Bank have their treasury departments in Chennai while Oriental Bank of Commerce has in Gurgaon. Punjab National Bank shifted its treasury department around three years back to Mumbai.