Union Bank of India plans to raise $300-$500 million by February

State-run Union Bank of India plans to raise $300-$500 million by February through medium term notes of 5-year tenure, MV Nair, chairman and managing director, said on Wednesday.                                           

The bank also aims to achieve gross non performing assets of less than 2% by March-end, he added.                                           

Nair also said the bank plans to open 400 branches in the next 12 months and plans to buy out a small size Indonesian bank, without providing details.