Union Bank of India
 |
This article relies largely or entirely upon a single source. Please help improve this article by introducing citations to additional sources. Discussion about the problems with the sole source used may be found on the talk page. (September 2011) |
 |
|
| Type | Public (BSE: 532477) |
|---|---|
| Industry | Financial services |
| Headquarters | Mumbai, India |
| Key people | Mavila Vishwanathan Nair (Chairman & MD) |
| Revenue |  18,491 crore (US$4.07 billion) (2011)[1] |
| Net income | 2,081 crore (US$457.82 million) (2011) |
| Employees | 27,746 (2011) |
| Website | www.unionbankofindia.co.in |
Union Bank of India (UBI) (BSE: 532477) is one of India's largest state-owned banks (the government owns 55.43% of its share capital), is listed on the Forbes 2000. It has assets of USD 13.45 billion and all the bank's branches have been networked with its 3025 ATMs. Its online Telebanking facility are available to all its Core Banking Customers - individual as well as corporate. It has representative offices in Abu Dhabi, United Arab Emirates, and Shanghai, Peoples Republic of China, and a branch in Hong Kong.
Contents |
[edit] History
Union Bank of India (UBI) was registered on 11 November 1919 as a limited company in Mumbai and was inaugurated by Mahatma Gandhi. At the time of India's Independence in 1947, UBI still only had four branches - three in Mumbai and one in Saurashtra, all concentrated in key trade centres. After Independence UBI accelerated its growth and by the time the government nationalized it in 1969, it had grown to 240 branches in 28 states. Shortly after nationalization, UBI merged in Belgaum Bank, a private sector bank established in 1930 that had itself merged in a bank in 1964, the Shri Jadeya Shankarling Bank. Then in 1985 UBI merged in Miraj State Bank, which had been established in 1929. In 1999 the Reserve Bank of India requested that UBI acquire Sikkim Bank in a rescue after extensive irregularities had been discovered at the non-scheduled bank. Sikkim Bank had eight branches located in the North-east, which was attractive to UBI.
UBI began its international expansion in 2007 with the opening of representative offices in Abu Dhabi, United Arab Emirates, and Shanghai, Peoples Republic of China. The next year, UBI established a branch in Hong Kong, its first branch outside India. In 2009, UBI opened a representative office in Sydney, Australia.
[edit] Other
UBI is active in promoting financial inclusion policy and a member of the Alliance for Financial Inclusion. [2]
[edit] See also
[edit] References
- ^ http://www.bseindia.com/bseplus/StockReach/AdvanceStockReach.aspx?scripcode=532477
- ^ "AFI members". AFI Global. 2011-10-10. http://www.afi-global.org/about-afi/members. Retrieved 2012-02-23.
[edit] External links
  |
This article about an Indian company is a stub. You can help Wikipedia by expanding it. |
