State-owned lender United Bank of India is likely to come out with its initial public offering of shares by the first week of January, executive director TN Bhasin said on Monday in Kolkata.

The bank said it would offer 5 crore shares of Rs 10 face value each in the IPO. The bank had requested the government for infusing of Tier-I capital of Rs 800 crore. ?This is in addition to Rs 550 crore of innovative perpetual debt instrument expected to be infused in 2009-10,” said the bank.

Following the capital infusion, the statement said the bank was confident of maintaining capital to risk asset ratio of over 12% till Mar 2012.

The bank on Monday said the bank had completed 100% migration to core banking solution (CBS) in a span of two years. Bhasin said in a statement that all the 1453 branches of the bank were brought under CBS.

The bank had also interfaced the CBS platform with other products like telebanking, internet banking for e-payment of service tax, excise duty and other direct taxes. UBI has also introduced biometric ATMs, the statement said.