Thursday, 12th April 2007 (2944 views)

The potential of gold at the present time is "huge" in business terms and for this reason, Union Bank of India (UBI) has set its sights on exploiting this fact.

This is the view of UBI's general manager for treasury and international banking, Bhasker Sen, who told the Economic Times of India that his firm aims to "tap this potential" during this year.

UBI branched out in selling gold coins to consumers last October and following on from this, is planning on building its burgeoning gold coin and bullion offerings in India.

Mr Sen explained: "We are in the process of identifying more branches for marketing of gold coins based on market potential."

A total of 90 metric tonnes worth of gold bullion has been sold by UBI since it began selling the products back in 2002, while gold coins offered by the bank can be purchased in various sizes.

Furthermore, the bank has announced that it has received approval from Reserve Bank of England to import bullion as a nominated agency.

 

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