Union Bank of India
|This article relies largely or entirely upon a single source. (April 2013)|
|Type||Public company (BSE: 532477)|
|Key people||Mr. Arun Tiwari
(Chairman & MD)
|Revenue||211.44 billion (US$3.5 billion) (2012)|
|Net income||17.87 billion (US$300 million) (2012)|
|Owner(s)||Government of India|
Union Bank of India (UBI) (BSE: 532477) is one of the largest government-owned banks of India (the government owns 60.13% of its share capital). It is listed on the Forbes 2000, and has assets of USD 13.45 billion. All the bank's branches have been networked with its 6420 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, Beijing, Peoples Republic of China, London, Shanghai, and Sydney, and branches in Hong Kong,Dubai(Dubai International Financial Centre) and Antwerp, Belgium.
The bank is in the process of upgrading its representative offices in London and Sydney to branches. UBI is active in promoting financial inclusion policy and is a member of the Alliance for Financial Inclusion (AFI).
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 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 nationalised it in 1969, it had grown to 240 branches in 28 states. Shortly after nationalisation, 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.
At present, the offshore banking operations of Union Bank of India are led by its branches in Hong Kong and newly opened branch in Dubai at Dubai International Financial Centre.