Union Bank of India: Difference between revisions
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| ISIN = {{ISIN|sl=n|pl=y|INE692A01016}} |
| ISIN = {{ISIN|sl=n|pl=y|INE692A01016}} |
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| industry = {{ubl|[[Banking]]|[[Financial services]]}} |
| industry = {{ubl|[[Banking]]|[[Financial services]]}} |
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| founded = {{Start date and age|df=y|1919|11|11}} |
| founded = {{Start date and age|df=y|1919|11|11}} |
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| founder = Seth Sitaram Poddar<ref name="AboutUs"/> |
| founder = Seth Sitaram Poddar<ref name="AboutUs"/> |
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| hq_location = Union Bank Bhavan, 239, Vidhan Bhavan Marg, [[Nariman Point]] |
| hq_location = Union Bank Bhavan, 239, Vidhan Bhavan Marg, [[Nariman Point]] |
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| num_locations_year = March 2021 |
| num_locations_year = March 2021 |
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| area_served = <!-- or: | areas_served = --> |
| area_served = <!-- or: | areas_served = --> |
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| key_people = {{ubl|Srinivasan Varadarajan <br/> {{small|(Non-Exe Chairman)}}| A. Manimekhalai<br />{{small|( |
| key_people = {{ubl|Srinivasan Varadarajan <br/> {{small|(Non-Exe Chairman)}}| A. Manimekhalai<br />{{small|(Managing Director & CEO)<ref>{{cite web |title=List of Directors |url=https://www.unionbankofindia.co.in/english/aboutus-profile-nonexecutive.aspx |website=Union Bank of India |access-date=21 October 2021}}</ref>}}}} |
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| products = |
| products = |
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| brands = |
| brands = |
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| services = [[Retail banking|Consumer banking]], [[Commercial bank|corporate banking]], [[Financial services |
| services = [[Retail banking|Consumer banking]], [[Commercial bank|corporate banking]], [[Financial services], [[investment banking]], [[mortgage loan]]s, [[private banking]], [[wealth management]] |
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| revenue = {{increase}} {{INRConvert|97078.50|c}}<ref name = "Annual Report 2023"/> |
| revenue = {{increase}} {{INRConvert|97078.50|c}}<ref name = "Annual Report 2023"/> |
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| revenue_year = FY23 |
| revenue_year = FY23 |
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| website = {{official URL}} |
| website = {{official URL}} |
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'''Union Bank of India''', commonly referred to as '''Union Bank''' or '''UBI''', is an [[Public sector banks in India|Indian public sector bank]] headquartered in |
'''Union Bank of India''', commonly referred to as '''Union Bank''' or '''UBI''', is an [[Public sector banks in India|Indian public sector bank]] headquartered in Mumbai. It has 153+ million customers and a total business of Rs.19,84,842 Crores<ref name=":0">{{Cite web |date=2023-10-27 |title=Financial Results for the Quarter ended September 30, 2023 – Union Bank |url=https://www.unionbankofindia.co.in/pdf/press%20release%20english%20q2fy24.pdf |access-date=2024-01-20 |website=Union Bank of India |publication-place=Mumbai}}</ref> After the merging with [[Corporation Bank]] and [[Andhra Bank]], which came into effect on 1 April 2020, the merged entity became one of the largest PSU banks in terms of branch network with around 8700+ branches. Four of these are located overseas in Hong Kong, Dubai, Antwerp, and Sydney. UBI also has representative offices at Shanghai, Beijing and Abu Dhabi. UBI operates in the United Kingdom through its wholly owned subsidiary, Union Bank of India (UK). The bank has a network of 8500+ domestic branches, 10000+ ATMs, 18000+ Business Correspondent Points serving over 153 million customers with 76,700+ employees.<ref>{{Cite web|title=Profile {{!}} Union Bank of India|url=https://www.unionbankofindia.co.in/english/aboutus-profile.aspx|access-date=2021-10-22|website=unionbankofindia.co.in}}</ref> |
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==History== |
==History== |
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[[File:Union Bank of India 2018 stamp.jpg|thumb|A 2018 stamp dedicated to the 100th anniversary of the Union Bank of India]] |
[[File:Union Bank of India 2018 stamp.jpg|thumb|A 2018 stamp dedicated to the 100th anniversary of the Union Bank of India]] |
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Union Bank of India was established on 11 November 1919 in Bombay (now |
Union Bank of India was established on 11 November 1919 in Bombay (now Mumbai) by Seth Sitaram Poddar.<ref name="AboutUs">{{cite web |title=Profile |url=https://www.unionbankofindia.co.in/english/aboutus-profile.aspx |website=Union Bank of India |access-date=21 October 2021}}</ref> The bank's corporate office was inaugurated by [[Mahatma Gandhi]]. At the time of India's independence in 1947, the bank had four branches – three in Mumbai and one in [[Saurashtra (region)|Saurashtra]] in trade centres.<ref>{{cite news|date=13 November 2018|title=Union Bank of India turns 100|work=The Hindu BusinessLine|url=https://www.thehindubusinessline.com/money-and-banking/union-bank-of-india-turns-100/article25487418.ece|access-date=10 June 2021}}</ref> By the time the Indian government nationalized UBI in 1969, it had 240 branches. In 1975, it acquired Belgaum Bank, a private sector bank established in 1930 that had itself merged in a bank in 1964, the Shri Jadeya Shankarling Bank ([[Bijapur]]; incorporated on 10 May 1948). In 1985, it acquired Miraj State Bank, which had been established in 1929, and which had 26 branches. In 1999, UBI acquired Sikkim Bank with its eight branches. |
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UBI expanded internationally in 2007 with the opening of offices in [[Abu Dhabi]], United Arab Emirates and in [[Shanghai]], China.<ref>{{cite news|date=13 September 2007|title=Union Bank of India furthers China presence|work=The Economic Times|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/union-bank-of-india-furthers-china-presence/articleshow/2364142.cms|access-date=10 June 2021}}</ref> In 2008, it established a branch in [[Hong Kong]].<ref>{{Cite news|date=2 August 2008|title=Union Bank open Hong Kong branch|work=Business Standard|url=https://www.business-standard.com/article/finance/union-bank-open-hong-kong-branch-108080200015_1.html|access-date=10 June 2021}}</ref> In 2009, Union Bank opened a representative office in [[Sydney]], Australia.<ref>{{cite news |title=Union Bank of India to open three overseas branches this fiscal |url=https://economictimes.indiatimes.com/industry/banking/finance/banking/union-bank-of-india-to-open-three-overseas-branches-this-fiscal/articleshow/14743581.cms}}</ref>{{Citation needed|date=June 2021}} |
UBI expanded internationally in 2007 with the opening of offices in [[Abu Dhabi]], United Arab Emirates and in [[Shanghai]], China.<ref>{{cite news|date=13 September 2007|title=Union Bank of India furthers China presence|work=The Economic Times|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/union-bank-of-india-furthers-china-presence/articleshow/2364142.cms|access-date=10 June 2021}}</ref> In 2008, it established a branch in [[Hong Kong]].<ref>{{Cite news|date=2 August 2008|title=Union Bank open Hong Kong branch|work=Business Standard|url=https://www.business-standard.com/article/finance/union-bank-open-hong-kong-branch-108080200015_1.html|access-date=10 June 2021}}</ref> In 2009, Union Bank opened a representative office in [[Sydney]], Australia.<ref>{{cite news |title=Union Bank of India to open three overseas branches this fiscal |url=https://economictimes.indiatimes.com/industry/banking/finance/banking/union-bank-of-india-to-open-three-overseas-branches-this-fiscal/articleshow/14743581.cms}}</ref>{{Citation needed|date=June 2021}} |
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On 30 August 2019, Finance Minister [[Nirmala Sitharaman]] announced that |
On 30 August 2019, Finance Minister [[Nirmala Sitharaman]] announced that Andhra Bank and Corporation Bank would be merged into Union Bank of India. The proposed merger would make Union Bank the fifth largest public sector bank in the country with assets of {{INRConvert|14.59|lc}} and 9,609 branches.<ref>{{Cite web|agency=PTI|date=Aug 30, 2019|title=Bank Merger News: Government unveils mega bank mergers to revive growth from 5-year low {{!}} India Business News |url=https://timesofindia.indiatimes.com/business/india-business/government-unveils-mega-bank-mergers-to-revive-growth-from-5-year-low/articleshow/70911359.cms|access-date=2021-10-22|website=The Times of India|language=en}}</ref><ref>{{cite web |author=<!--Not stated--> |title=10 public sector banks to be merged into four |url=https://www.livemint.com/news/india/pnb-obc-and-united-bank-to-be-merged-nirmala-sitharaman-1567158678718.html |website=Mint |access-date=30 August 2019 |language=en |date=30 August 2019}}</ref> The Board of Directors of Andhra Bank approved the merger on 13 September.<ref>{{cite web |title=Andhra Bank board okays merger with UBI |url=https://www.thehindu.com/business/andhra-bank-board-okays-merger-with-ubi/article29411194.ece |website=The Hindu |access-date=13 September 2019 |language=en-IN |date=13 September 2019}}</ref><ref>{{cite web |title=Andhra Bank board okays merger with Union Bank of India |url=https://economictimes.indiatimes.com/industry/banking/finance/banking/andhra-bank-board-okays-merger-with-union-bank-of-india/articleshow/71117490.cms |website=The Economic Times |access-date=13 September 2019 |date=13 September 2019}}</ref> The [[Union Council of Ministers|Union Cabinet]] approved the merger on 4 March, and it was completed on 1 April 2020.<ref>{{cite web |last1=Ghosh |first1=Shayan |title=Three banks announce merger ratios |url=https://www.livemint.com/market/stock-market-news/two-anchor-banks-pnb-union-bank-of-india-disclose-merger-ratios-11583413469591.html |website=Livemint |access-date=6 March 2020 |language=en |date=5 March 2020}}</ref> |
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== Subsidiaries == |
== Subsidiaries == |
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Revision as of 07:04, 20 March 2024
{{Infobox company | name = Union Bank of India Limited | logo = Union Bank Logo.svg | logo_size = 250px | logo_alt = | logo_caption = | image = | image_size = | image_alt = | image_caption = | former_name = The Union Bank of India Ltd. (1919–1969) | type = Public
| traded_as =
| ISIN = INE692A01016
| industry =
| founded = 11 November 1919
| founder = Seth Sitaram Poddar[1]
| hq_location = Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point
| hq_location_city = Mumbai, Maharashtra
| hq_location_country = India[2]
| num_locations = 8,500 branches
12,800 ATMs[3]
| num_locations_year = March 2021
| area_served =
| key_people =
- Srinivasan Varadarajan
(Non-Exe Chairman) - A. Manimekhalai
(Managing Director & CEO)[4]
| products =
| brands =
| services = Consumer banking, corporate banking, [[Financial services], investment banking, mortgage loans, private banking, wealth management
| revenue = 
₹97,078.50 crore (US$12 billion)[3]
| revenue_year = FY23
| operating_income = ₹25,250.20 crore (US$3.2 billion)[3]
| income_year = FY23
| profit = ₹8,511.70 crore (US$1.1 billion)[3]
| profit_year = FY23
| assets = ₹1,288,357.10 crore (US$160 billion)[3]
| assets_year = FY23
| equity = ₹78,803.50 crore (US$9.9 billion)[5]
| equity_year = FY23
| owner = Government of India (83.49) %
| num_employees = 75,500[3]
| num_employees_year = FY23
| divisions =
| subsid =
| ratio = 12.56% (March 2021)[6]
| rating =
| website = www
History
Union Bank of India was established on 11 November 1919 in Bombay (now Mumbai) by Seth Sitaram Poddar.[1] The bank's corporate office was inaugurated by Mahatma Gandhi. At the time of India's independence in 1947, the bank had four branches – three in Mumbai and one in Saurashtra in trade centres.[9] By the time the Indian government nationalized UBI in 1969, it had 240 branches. In 1975, it acquired Belgaum Bank, a private sector bank established in 1930 that had itself merged in a bank in 1964, the Shri Jadeya Shankarling Bank (Bijapur; incorporated on 10 May 1948). In 1985, it acquired Miraj State Bank, which had been established in 1929, and which had 26 branches. In 1999, UBI acquired Sikkim Bank with its eight branches.
UBI expanded internationally in 2007 with the opening of offices in Abu Dhabi, United Arab Emirates and in Shanghai, China.[10] In 2008, it established a branch in Hong Kong.[11] In 2009, Union Bank opened a representative office in Sydney, Australia.[12][citation needed]
On 30 August 2019, Finance Minister Nirmala Sitharaman announced that Andhra Bank and Corporation Bank would be merged into Union Bank of India. The proposed merger would make Union Bank the fifth largest public sector bank in the country with assets of ₹14.59 lakh crore (US$180 billion) and 9,609 branches.[13][14] The Board of Directors of Andhra Bank approved the merger on 13 September.[15][16] The Union Cabinet approved the merger on 4 March, and it was completed on 1 April 2020.[17]
Subsidiaries
- Union Bank of India (UK) Limited
- Union Asset Management Co. Private Limited
- Union Trustee Co. Pvt. Limited
- Star Union Dai-ichi Life Insurance
- Chaitanya Godavari Grameen Bank
- Corpbank Securities ltd.
- UBI Services Ltd
See also
- Banking in India
- List of banks in India
- Reserve Bank of India
- Indian Financial System Code
- List of largest banks
- List of companies of India
- Make in India
References
- ^ a b "Profile". Union Bank of India. Retrieved 21 October 2021.
- ^ "Central Office". Union Bank of India. Retrieved 21 October 2021.
- ^ a b c d e f "Annual Report 2022-23" (PDF). Union Bank of India. Retrieved 2 May 2023.
- ^ "List of Directors". Union Bank of India. Retrieved 21 October 2021.
- ^ "Union Bank of India Ltd. Financial Statements". moneycontrol.com.
- ^ "Annual Report 2020-21" (PDF). Union Bank of India. Retrieved 21 October 2021.
- ^ "Financial Results for the Quarter ended September 30, 2023 – Union Bank" (PDF). Union Bank of India. Mumbai. 27 October 2023. Retrieved 20 January 2024.
- ^ "Profile | Union Bank of India". unionbankofindia.co.in. Retrieved 22 October 2021.
- ^ "Union Bank of India turns 100". The Hindu BusinessLine. 13 November 2018. Retrieved 10 June 2021.
- ^ "Union Bank of India furthers China presence". The Economic Times. 13 September 2007. Retrieved 10 June 2021.
- ^ "Union Bank open Hong Kong branch". Business Standard. 2 August 2008. Retrieved 10 June 2021.
- ^ "Union Bank of India to open three overseas branches this fiscal".
- ^ "Bank Merger News: Government unveils mega bank mergers to revive growth from 5-year low | India Business News". The Times of India. PTI. 30 August 2019. Retrieved 22 October 2021.
- ^ "10 public sector banks to be merged into four". Mint. 30 August 2019. Retrieved 30 August 2019.
- ^ "Andhra Bank board okays merger with UBI". The Hindu. 13 September 2019. Retrieved 13 September 2019.
- ^ "Andhra Bank board okays merger with Union Bank of India". The Economic Times. 13 September 2019. Retrieved 13 September 2019.
- ^ Ghosh, Shayan (5 March 2020). "Three banks announce merger ratios". Livemint. Retrieved 6 March 2020.
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