The Hindu : Business : Union Bank's new products for exporters, importers

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Tuesday, Aug 22, 2006

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Union Bank's new products for exporters, importers

Special Correspondent

CHENNAI: Union Bank of India is in the process of putting in place a `leading edge pricing engine technology' that will help exporters/importers to hedge their foreign exchange positions online.

The move comes close on the heels of the bank launching a couple of products — Reuters Trading for Foreign Exchange (RTFX) and Reuters Trading for Bullion (RTFB) — and becoming a market maker on RTFX and RTFB.

Addressing a press conference here on Monday, M. V. Nair, Chairman and Managing Director, said once the process was in position, exporters/importers would be able to see the price online and conclude the deal instantly. Currently, they had to call up the treasury unit, get the rate, negotiate the price and conclude the deal, he pointed out. The proposed technology, he said, would help the Union Bank offer exporters/importers customised price.

Trading platforms

"Participating on RTFX and RTFB trading platforms in conjunction with the deployment of electronic trading pricing engine will empower the bank's exporter/importer customers to have a platform for hedging and trading in foreign currency," he said. Customers might be having information platforms like Reuters Xtra 3000. Information available to them through these platforms could become a trade quotation via RTFX and RTFB for instant buying and selling of forex/bullion.

The Chairman said the bank had been focussing on agriculture, SME (small and medium enterprise), retail and corporates.

The bank was aiming at a growth of 32 per cent in agriculture, 25 per cent in SME and 30 per cent in retail business, he said.

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