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Union Bank of India (Union Bank) 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, Union Bank of India had four branches – three in [[Mumbai]] and one in [[Saurashtra (region)|Saurashtra]], in trade centres.<ref>{{cite news |title=Union Bank of India turns 100 |url=https://www.thehindubusinessline.com/money-and-banking/union-bank-of-india-turns-100/article25487418.ece |date=November 13, 2018}}</ref> By the time the [[Indian government]] nationalized Union Bank of India in 1969, it had 240 branches. In 1975, Union Bank of India 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). Then in 1985 Union Bank of India acquired Miraj State Bank, which had been established in 1929, and which had 26 branches. In 1999 the [[Reserve Bank of India]] requested that Union Bank acquire Sikkim Bank in a rescue after extensive irregularities had been discovered at the non-scheduled bank.
Union Bank of India (Union Bank) 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, Union Bank of India had four branches – three in [[Mumbai]] and one in [[Saurashtra (region)|Saurashtra]], in trade centres.<ref>{{cite news |title=Union Bank of India turns 100 |url=https://www.thehindubusinessline.com/money-and-banking/union-bank-of-india-turns-100/article25487418.ece |date=November 13, 2018}}</ref> By the time the [[Indian government]] nationalized Union Bank of India in 1969, it had 240 branches. In 1975, Union Bank of India 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). Then in 1985 Union Bank of India acquired Miraj State Bank, which had been established in 1929, and which had 26 branches. In 1999 the [[Reserve Bank of India]] requested that Union Bank acquire Sikkim Bank in a rescue after extensive irregularities had been discovered at the non-scheduled bank.


Union Bank expanded internationally in 2007 with the opening of offices in Abu Dhabi, United Arab Emirates, and Shanghai in the People's Republic of China. The next year, Union Bank established a branch in Hong Kong, its first branch outside India. In 2009, Union Bank opened a representative office in Sydney, Australia.
Union Bank expanded internationally in 2007 with the opening of offices in Abu Dhabi, United Arab Emirates, and Shanghai in the People's Republic of China.<ref>{{cite news |title=Union Bank of India furthers China presence |url=https://economictimes.indiatimes.com/industry/banking/finance/banking/union-bank-of-india-furthers-china-presence/articleshow/2364142.cms |date=Sep 13, 2007}}</ref> The next year, Union Bank established a branch in Hong Kong, its first branch outside India. In 2009, Union Bank opened a representative office in Sydney, Australia.


On 30 August 2019, [[Minister of Finance (India)|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 |url=https://timesofindia.indiatimes.com/business/india-business/government-unveils-mega-bank-mergers-to-revive-growth-from-5-year-low/articleshow/70911359.cms |accessdate=30 August 2019}}</ref><ref>{{cite web |last1=Writer |first1=Staff |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 |accessdate=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 |accessdate=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 |accessdate=13 September 2019 |date=13 September 2019}}</ref>
On 30 August 2019, [[Minister of Finance (India)|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 |url=https://timesofindia.indiatimes.com/business/india-business/government-unveils-mega-bank-mergers-to-revive-growth-from-5-year-low/articleshow/70911359.cms |accessdate=30 August 2019}}</ref><ref>{{cite web |last1=Writer |first1=Staff |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 |accessdate=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 |accessdate=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 |accessdate=13 September 2019 |date=13 September 2019}}</ref>

Revision as of 12:28, 20 September 2019

Union Bank of India
Company typePublic Sector Undertakings Enterprise
BSE: 532477
NSE: UNIONBANK
IndustryBanking, financial services
Founded11 November 1919; 104 years ago (1919-11-11)
HeadquartersMumbai
Key people
Shri Rajkiran Rai G.
(MD & CEO)
Gopal Singh Gusain & Manas Ranjan Biswal (EDs)
ProductsConsumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management
RevenueIncrease ₹32,198.80 crore (US$3.9 billion)(2016)[1]
Decrease ₹5,722 crore (US$690 million) (2016)[1]
Decrease ₹1,351.60 crore (US$160 million) (2016)[1]
Total assetsIncrease₹404,695.90 crore (US$48 billion) (2016) [1]
OwnerGovernment of India
Number of employees
35,514 (2016)[1]
Capital ratio10.56% (2016)[1]
Websitewww.unionbankofindia.co.in

Union Bank of India (UBI; BSE: 532477) is one of the largest government-owned banks of India; the government owns over 90% of its share capital. It is listed on the Forbes 2000, and has assets of US$13.45 billion. UBI has around 4,300 branches. Four of these are overseas in Hong Kong, Dubai, Antwerp, and Sydney. UBI also has representative offices at Shanghai, Beijing and Abu Dhabi. Lastly, UBI operates in the United Kingdom through its wholly owned subsidiary, Union Bank of India (UK).Union Bank of India will be the anchor bank for both Andhra bank and corporation bank. Mergers are expected to commence on 1st April 2020 as announced by FM Nirmala seetharaman

History

A 2018 stamp dedicated to the 100th anniversary of the Union Bank of India
Union Bank branch in GITAM University, Visakhapatnam

Union Bank of India (Union Bank) 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, Union Bank of India had four branches – three in Mumbai and one in Saurashtra, in trade centres.[2] By the time the Indian government nationalized Union Bank of India in 1969, it had 240 branches. In 1975, Union Bank of India 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). Then in 1985 Union Bank of India acquired Miraj State Bank, which had been established in 1929, and which had 26 branches. In 1999 the Reserve Bank of India requested that Union Bank acquire Sikkim Bank in a rescue after extensive irregularities had been discovered at the non-scheduled bank.

Union Bank expanded internationally in 2007 with the opening of offices in Abu Dhabi, United Arab Emirates, and Shanghai in the People's Republic of China.[3] The next year, Union Bank established a branch in Hong Kong, its first branch outside India. In 2009, Union Bank opened a representative office in Sydney, Australia.

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$170 billion) and 9,609 branches.[4][5] The Board of Directors of Andhra Bank approved the merger on 13 September.[6][7]

See also

References

  1. ^ a b c d e f "Annual Report of UCO Bank" (PDF).
  2. ^ "Union Bank of India turns 100". 13 November 2018.
  3. ^ "Union Bank of India furthers China presence". 13 September 2007.
  4. ^ https://timesofindia.indiatimes.com/business/india-business/government-unveils-mega-bank-mergers-to-revive-growth-from-5-year-low/articleshow/70911359.cms. Retrieved 30 August 2019. {{cite web}}: Missing or empty |title= (help)
  5. ^ Writer, Staff (30 August 2019). "10 public sector banks to be merged into four". Mint. Retrieved 30 August 2019.
  6. ^ "Andhra Bank board okays merger with UBI". The Hindu. 13 September 2019. Retrieved 13 September 2019.
  7. ^ "Andhra Bank board okays merger with Union Bank of India". The Economic Times. 13 September 2019. Retrieved 13 September 2019.
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