Kolkata: Public sector lender Union Bank of India (UBI) will seek capital investment up to 10 billion from the central government to clock around 18-20 percent growth in its business at the end of this financial year, a top official said.

"This year, we plan to ask for 950 crore to 1,000 crore to meet our business growth target," UBI chairman and managing director (CMD) D. Sarkar told reporters on the sidelines of a FICCI event.

Sarkar said the bank had sought 6.5 billion (650 crore) from the central government in the last fiscal but did not get it.

He said the Mumbai-headquartered bank was hopeful of setting up its overseas banking unit in Dubai and its wholly-owned subsidiary in London within this fiscal.

The state-run lender was also planning to upgrade its representative offices in China and Sydney into full fledged branches, the CMD said.

UBI has registered a 4.2 percent growth in its net profit to 1.49 billion for the quarter ended March 31, 2012, from 1.43 billion during the corresponding period last year.