UTI Bank will set up the UTI Bank Foundation under the Bombay Trust Act to take forward the bank's corporate social responsibility (CSR) initiatives.

UTI Bank will set up its first overseas branch in Singapore in the next few weeks.

This is a part of UTI Bank's strategy to set up overseas network in the coming financial years to undertake trade finance and loan syndication for Indian corporates. In the next few months, the bank will open offices in China (Shanghai), Hong Kong, Sri Lanka and UAE.

''As the Indian companies are turning global, we need to set up our own establishments to support the growth of the Indian firms overseas,'' said UTI Bank Chairman and Managing Director Dr P J Nayak.

Dr Nayak told select reporters on the sidelines of a function today that the bank would shortly float medium-term notes (MTNs) of about $ one billion to fund the cost of its overseas expansion.

The MTN would be an umbrella programme with over a period of 12-18 months with minimum tranche of $ one million, he said. While for Singapore branch, all the necessary approvals were granted, for the remaining overseas branches, discussions were underway to get the approval as soon as possible, he said.