MUMBAI, AUG 20: United Western Bank has approached the Reserve Bank of India (RBI) for permission to buy back its shares, the first commercial bank to do so. The bank feels that the move, aimed at pruning its equity base, will enhance the value of its shares.

Currently, the equity base of the bank stands at Rs 29.89 crore, while the earnings per share for the year ended March 31, 1997 was at Rs 7.22. The book value per share, at present, stands at Rs 42.42. The board of directors of United Western Bank have chalked out a five-year business plan, spanning the period between 1997-2002, which envisages a deposit base of Rs 6,250 crore in the terminal year.

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