Union Bank of India

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Union Bank of India
Public company
Traded asBSE532477
NSEUNIONBANK
IndustryBanking, Financial services
Founded11 November 1919; 99 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$4.5 billion)(2016)[1]
Decrease 5,722 crore (US$800 million) (2016)[1]
Decrease 1,351.60 crore (US$190 million) (2016)[1]
Total assetsIncrease404,695.90 crore (US$56 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; BSE532477) 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 USD 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).

History[edit]

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. By the time the Indian government nationalized it in 1969, it had 240 branches. Shortly after nationalisation, 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 was 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.

See also[edit]

References[edit]

  1. ^ a b c d e f "Annual Report of UCO Bank" (PDF).