Union Bank of India sees 22 pct loan growth in FY09

KOLKATA, July 15 (Reuters) - State-run Union Bank of India (UNBK.BO: Quote, Profile, Research) is looking at a loan growth of 22 percent and a deposit growth of 23 percent in FY09, a top official said on Tuesday.

The bank also expects to maintain its net interest margin at 2.80 percent in the current fiscal, Chairman and Managing Director M.V. Nair told reporters.

"At current levels of demand, we expect loan growth to continue as per target," he said. He also said its mutual funds joint venture would be operational in five months. (Reporting by Tamajit Pain; Editing by Sunil Nair)