Union Bank of India

Union Bank of India

Type	Public company (BSE: 532477)
Industry	Financial services
Founded	11 November 1919
Headquarters	Mumbai, India
Key people	Arun Tiwari (Chairman & MD)
Revenue	₹211.44 billion (US$3.1 billion) (2012)^[1]
Net income	₹17.87 billion (US$270 million) (2012)
Owner	Government of India
Number of employees	36377(2015)
Slogan	Good people to bank with
Website	www.unionbankofindia.co.in

Union Bank of India (Hindi:यूनियन बैंक ऑफ इंडिया) (UBI) (BSE: 532477) is one of the largest government-owned banks of India (the government owns 63.44% 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 6909 ATMs as on 30 September 2015. 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 and Shanghai, and branches in Hong Kong, Dubai (Dubai International Financial Centre),Antwerp in Belgium and Sydney in Australia.The bank had 4196 branches in India as on 31 March 2016 and to add to it 4 overseas branches. Shri Arun Jaitley, Honorable Minister for Finance, Government of India on 30 March 2016 inaugurated the Sydney branch.

UBI is active in promoting financial inclusion policy and is a member of the Alliance for Financial Inclusion (AFI).

History

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 only had four branches - three in Mumbai and one in Saurashtra, all concentrated in key trade centres. After Independence Union Bank 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, Union Bank 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 (Bijapur; incorporated on 10 May 1948). Then in 1985 Union Bank merged in 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. Sikkim Bank had eight branches located in the North-east, which was attractive to Union Bank.

Union Bank 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, Union Bank established a branch in Hong Kong, its first branch outside India. In 2009, Union Bank 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.

Corporate Vision

To become the bank of first choice in our chosen areas by building beneficial and lasting relationships with customers through a process of continuous improvement

Corporate Mission

To be a customer centric organization known for its differentiated customer service.
To offer a comprehensive range of products to meet all financial needs of customers.
To be a top creator of shareholder wealth through focus on profitable growth.
To be a young organization leveraging on technology & an experienced workforce.
To be the most trusted brand, admired by all stakeholders.
To be a leader in the area of Financial Inclusion.

References

↑ http://www.bseindia.com/bseplus/StockReach/AdvanceStockReach.aspx?scripcode=532477

External links

Official website

Banking in India

Reserve bank	Reserve Bank of India

Public sector banks	Allahabad Bank Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra Bharatiya Mahila Bank Canara Bank Central Bank of India Corporation Bank Dena Bank IDBI Bank Indian Bank Indian Overseas Bank Oriental Bank of Commerce Post Bank of India Punjab & Sind Bank Punjab National Bank State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of India State Bank of Mysore State Bank of Patiala State Bank of Travancore Syndicate Bank UCO Bank Union Bank of India United Bank of India Vijaya Bank

Private sector banks	Axis Bank Bandhan Bank Catholic Syrian Bank City Union Bank DCB Bank Dhanlaxmi Bank Federal Bank HDFC Bank ICICI Bank IDFC Bank IndusInd Bank Jammu & Kashmir Bank Karnataka Bank Karur Vysya Bank Kotak Mahindra Bank Lakshmi Vilas Bank Nainital Bank RBL Bank (Ratnakar Bank) South Indian Bank Tamilnad Mercantile Bank Limited Yes Bank

Cooperative banks	Buldhana Urban Cosmos Bank Repco Bank Saraswat Bank Shamrao Vithal Co-op. Bank TNSC Bank Rajkot Nagrik Sahakari Bank

Foreign banks	ABN AMRO Abu Dhabi Commercial Bank Antwerp Diamond Bank Australia and New Zealand Banking Group Bank Internasional Indonesia Bank of America Bank of Bahrain and Kuwait Bank of Ceylon The Bank of Tokyo-Mitsubishi UFJ Barclays Citibank India Credit Suisse Deutsche Bank HSBC The Royal Bank of Scotland Scotiabank Standard Chartered

Regional Rural Banks	Andhra Pragathi Grameena Bank Kerala Gramin Bank Bangiya Gramin Vikash Bank Gramin Bank of Aryavart North Malabar Gramin Bank Pallavan Grama Bank Pandyan Grama Bank Paschim Banga Gramin Bank Sarva UP Gramin Bank South Malabar Gramin Bank Uttar Bihar Gramin Bank Vananchal Gramin Bank List of regional rural banks in Uttar Pradesh

Interbank networks	BANCS Cashnet CashTree Cirrus IMPS MITR NFS PLUS RuPay

Defunct banks	Alliance Bank of Simla Arbuthnot & Co Bank of Bombay Bank of Calcutta Bank of Chettinad Bank of Madras Bank of Madura Bank of Rajasthan Bengal Central Bank Bharat Overseas Bank Centurion Bank of Punjab Chartered Bank of India, Australia and China Commercial Bank of India Dass Bank Exchange Bank of India & Africa Global Trust Bank Grindlays Bank Imperial Bank of India ING Vysya Bank Lord Krishna Bank Madhavpura Mercantile Cooperative Bank Mercantile Bank of India, London and China Nath Bank Nedungadi Bank New Bank of India Oriental Bank Corporation Oudh Commercial Bank Palai Central Bank Pandyan Bank State Bank of Indore State Bank of Saurashtra United Industrial Bank

Related topics	Banking Codes and Standards Board of India ATM usage fees in India De-Materialisation (DEMAT) Foreign Exchange (FOREX) Indian Financial System Code (IFSC) List of banks in India National Electronic Fund Transfer (NEFT) National Payments Corporation of India Real Time Gross Settlement (RTGS) Structured Financial Messaging System (SFMS) Prepaid Payment Instruments in India

March 2015 Data

Shareholder's Funds	₹19760 crore (US$2.9 billion) (31 March 2015)
Total Deposits	₹316869 crore (US$47 billion) (31 March 2015)
Total Borrowings	₹35359 crore (US$5.3 billion) (31 March 2015)
Total Investments	₹94092 crore (US$14 billion) (31 March 2015)
Total Assets	₹381615 crore (US$57 billion) (31 March 2015)
Reserves & Surplus	₹19125 crore (US$2.8 billion) (31 March 2015)

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