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UCO Bank

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UCO Bank
NSE: UCOBANK
BSE: 532505
IndustryBanking, Financial services
Founded6 January 1943
HeadquartersKolkata, West Bengal, India
Area served
Worldwide
Key people
Mr Ravi Krishan Takkar (Chairman and Managing Director)
ProductsConsumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management
Increase ₹02810 Crores (2014)
OwnerGovernment of India
Number of employees
30,109 (2013)
Websitewww.ucobank.com

UCO Bank, (Hindi:यूको बैंक) formerly United Commercial Bank, established in 1943 in Kolkata, is a major government-owned commercial bank of India. During FY 2013-14, its total business was ₹ 4.55 lakh crore. Based on 2014 data, it is ranked 1860 on Forbes Global 2000 List. UCO Bank was ranked 294th among India's most trusted brands according to the Brand Trust Report 2014, a study conducted by Trust Research Advisory.[1] It was a rise of 796 ranks considering it was listed at the 1090th position among India's most trusted brands in the Brand trust Report 2013.[2] As of 6 January 2013 the bank had 4,000 plus service units 49 zonal offices spread all over India. It also has two overseas branches, on each in Singapore and Hong Kong. UCO Bank's headquarters is on BTM Sarani, Kolkata.

History

Ghanshyam Das Birla, founder of UCO Bank

Ghanshyam Das Birla, an eminent Indian industrialist, during the Quit India movement of 1942, conceived the idea of organising a commercial bank with Indian capital and management, and the United Commercial Bank Limited was incorporated to give shape to that idea. The bank was started with Kolkata as its head office with an issued capital of ₹2 crores and a paid-up capital of ₹1 crore. Birla was its chairman and the Board of Directors included eminent personalities of India drawn from many fields. The bank opened 14 branches simultaneously across India.

After World War II, United Commercial Bank opened several overseas branches. The first, in 1947, was in Rangoon (Yangon). Branches in Singapore (1951), Hong Kong (March 1952), London (1953), and Malaysia followed. In 1963 the revolutionary government in Burma nationalised United Commercial Bank's three branches there, which became People's Bank No. 6.[3]

On 15 September 1967, Jalpaiguri Banking and Trading Corporation (JBTC) which had been established in Jalpaiguri in 1887 (or 1889; accounts differ), made a voluntary transfer of its assets and liabilities to United Commercial Bank. JTBC had only one office and specialised in lending against mortgages on tea gardens.

The Government of India nationalised United Commercial Bank on 19 July 1969. The nationalised bank continued the operations of the overseas branches in London, Singapore, and Hong Kong. However, Malaysian law forbade foreign government ownership of banks in Malaysia. Therefore, United Commercial, Indian Overseas Bank, and Indian Bank contributed their operations in Malaysia to a new joint-venture bank incorporated in Malaysia, United Asian Bank, with each of the three parent banks owning a third of the shares. At the time, Indian Bank had three branches, and Indian Overseas Bank and United Commercial Bank had eight between them.

An act of parliament changed the bank's name to UCO Bank in 1985, as a bank in Bangladesh existed with the name "United Commercial Bank", which caused confusion in the international banking arena.

In 1991, Bank of Commerce Bhd, a Malaysian bank, acquired United Asian Bank; in time CIMB came to own Bank of Commerce.

In 1998, UCO closed its London branch. Bank of Baroda acquired the assets and liabilities, but not the personnel, who were made redundant.

Current market position

As on 31 March 2012, government share-holding in the bank was 84%. Branch expansion started at a fast pace, particularly in rural areas, and the bank achieved several unique distinctions in Priority Sector lending and other social uplift activities. To keep pace with the developing scenario and expansion of business, the Bank undertook an exercise in organisational restructuring in the year 1972. This resulted in more functional specialisation, decentralisation of administration and emphasis on development of personnel skill and attitude. Side by side, whole hearted commitment into the government's poverty alleviation programmes continued and the convenorship of State Level Bankers' Committee (SLBC) was entrusted on the Bank for Odisha and Himachal Pradesh in 1983.total numbers of branch more than 4,000.

Structure

Board of Directors

As of MArch 2016, the UCO Bank Board of Directors has six members:[4]

  • Shri G Subramaniya Iyer (Executive Director)
  • Shri Charan Singh (Executive Director)
  • Prof Sunil Kumar Maheshwari(Director)
  • Mrs Sindhu Pillai (Director)
  • Md Salahuddin Ansari (Director)
  • Dr. Arvind Sharma (Director)

Departments

As of January 2013, UCO Bank operates through 32 departments:[5]

  • CMD's Secretariat
  • ED's Secretariat (1)
  • ED's Secretariat (2)
  • AGM, Secy to Board and Executive Secy to CMD
  • Operations' & Services Department
  • Audit & Inspection
  • Flagship Corporate
  • Mid Corporate
  • Agriculture & Rural Business and Financial Inclusion- includes Small Enterprises, Priority Sector, Regional Rural Bank (RRB) and Financial Inclusion
  • Retail
  • Insurance Marketing Wing
  • Risk Management
  • Human Resource Management
  • Finance
  • General Administration
  • Security
  • Printing & Stationery
  • Credit Monitoring
  • Law
  • Vigilance
  • Personnel Services
  • Management Audit & HR Audit
  • Treasury & International Wing (T&IW) which includes Treasury & Investment Management and International Wing
  • IPO Cell
  • Strategic Planning
  • MIS Task Force
  • Rajbhasha (National Language)
  • Corporate Communication
  • Information Technology
  • Recovery
  • e-Governance & Business Process Re-engineering

Regional Management

The governance of the Bank all around the nation's respective regional areas is managed by a network of 49 Zonal Offices and 10 Circle offices present in major as well as crucial parts of the country.[5]

Training

The training of newly recruited as well as present staff is overseen by seven training colleges around India[6]

Presence

The Bank's Regional presence includes 3,889 branches and 4,000 ATMs.The near Future will see a growth in the number of ATMs and Branches.[7]

International Presence

Besides providing inland banking services through its vast network of branches in India, UCO Bank has a vital presence in the financial markets outside India. UCO Bank presently has four overseas branches in two important international financial centres in Singapore and Hong Kong and representative office at Kuala Lumpur, Malaysia and Guangzhou, China and is considering proposals to open further branches in major financial centres across the globe.[8]

UCO Bank has international presence for over 60 years now.

The Bank’s Singapore Operations commenced from 21 April 1951 with the opening of Singapore Main branch and subsequently Serangoon branch was opened in "Little India" on 7 March 1959. The international linkage from Singapore is supported by a large number of Indian branches network through Integrated Treasury Branch, Mumbai. Other branches in India also provide international banking facilities through Authorised Branches of the bank.

This international network is further augmented by correspondent arrangements with leading Banks at all important world centres in various countries.[9]

Non-Banking Subsidiaries

The bank has requested the RBI for an approval for new Non-Banking entities under its command.The new entities would ensure a complete market foothold.[10]

Logo & Motto

  • The logo of UCO bank consists of a pair of clasped hands covered with an Octagonal Structure. It has been coloured blue since the organisation's inception, blue representing the Bank's national responsibility. The background has remained yellow since the beginning as well.
  • The motto UCO Bank has been - "Honors your Trust".[11]

Major Market Competition

UCO Bank's major competitors have always been State Bank of India, Punjab National Bank, Bank of Baroda, HDFC Bank, ICICI Bank, Axis Bank, and Bank of India. The earlier years saw a limited presence of rivals who were mostly public sector entities. In the recent years, the surge of private banks such as ICICI and HDFC broadened the spectrum. The liberalisation of the economy may bring foreign banks, which could intensify inter-bank competition for commercial and well-to-do retail customers.[12]

See also

Citations and references

Citations
  1. ^ "India's Most Trusted Brands 2014".
  2. ^ "India's Most Trusted Brands 2013".
  3. ^ Turnell (2009), p.226.
  4. ^ "OfficialWebsite". ucobank.com. Retrieved 7 March 2016.
  5. ^ a b "Departments". ucobank.com. Retrieved 27 February 2013. Cite error: The named reference "UCOBankOverview" was defined multiple times with different content (see the help page).
  6. ^ "Names of Training Centres with their Email IDs". ucobank.com. Retrieved 27 February 2013.
  7. ^ "UCO Bank Eyes Gujarat,UP,South". thehindubusinessline.com. Retrieved 27 February 2013.
  8. ^ "UCOBankOfficialWebsite". ucobank.com. Retrieved 28 February 2013.
  9. ^ "OfficialWebsite". ucobank.com. Retrieved 27 February 2013.
  10. ^ "UCO Bank to open its Financial Subsidiary". rupeetimes.com. Retrieved 27 February 2013.
  11. ^ "Slogan of UCO Bank". slogandb.com. Retrieved 27 February 2013.
  12. ^ "Foreign Banks' Entry into India". timesofindia.indiatimes.com. Retrieved 27 February 2013.
References
  • Turnell, Sean (2009) Fiery Dragons: Banks, Moneylenders and Microfinance in Burma. (NAIS Press). ISBN 9788776940409
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