UBI Union Bank of India (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, Antwerp and Sydney. The bank had 4500 branches in India as of 31 March 2016.
|UBI Fullform||Union Bank of India|
|Industry||Banking, Financial services|
|Founded||11 November 1919|
|Key people||Arun Tiwari (Chairman & MD)|
|Products||Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management|
|Owner||Government of India|
|Tollfree||1800 22 22 44 / 1800 208 2244|
Union Bank of India was established on 11th November 1919 with its headquarters in the city of Bombay now known as Mumbai.The Head Office building of the Bank in Mumbai was inaugurated by Mahatma Gandhi, the Father of the nation in the year 1921, and he said on the occasion:
“We should have the ability to carry on a big bank, to manage efficiently crore of rupees in the course of our national activities. Though we have not many banks amongst us, it does not follow that we are not capable of efficiently managing crore and tens of crore of rupees.”His prescient words anticipated the growth of the bank that has taken place in the decades that followed. The Bank now operates through over 4200+ branches across the country. The Bank’s core values of prudent management without ignoring opportunities is reflected in the fact that the Bank has shown uninterrupted profit during all 96 years of its operations.
Union Bank has been playing a very proactive role in the economic growth of India and it extends credit for the requirements of different sectors of economy. Industries, exports, trading, agriculture, infrastructure and the individual segments are sectors in which the bank has deployed credit to spur economic growth and to earn from a well-diversified portfolio of assets.Resources are mobilized through Current, Savings and Term Deposits and through refinance and borrowings from abroad. The Bank has a large clientele base of over 5.7 crores.
On the technology front the Bank has taken early initiatives and 100% of its branches are computerized. The Bank has also introduced Core Banking Solution with connectivity between branches. 100% of the business of the Bank is under Core Banking Solution making it a leader among its peers in infusion of technology. Many innovative products are developed using the technology platform to offer an array of choices to customers, adding speed and convenience to transactions. Technology will also enable the Bank to derive substantial cost reduction while creating the requisite capacity to handle the ever increasing volume of business in a competitive environment that offers immense opportunities.
At the end of March 2015, the Bank achieved total business level of Rs. 5,79,627 crore (Rupees five lakh seventy-Nine thousand six hundred and twenty-seven crore).Behind all these achievements is a dedicated team of staff, which is truly cosmopolitan in its composition. Many generations of members of staff have contributed in building up the strong edifice of the Bank. The present team of over 36,000 members of staff distinguishes itself with its customer centricity, willingness to learn and adherence to values enabling us to be recognized as a caring organization where people enjoy their work and relationship with customers.
Missions of Union Bank:
- 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
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.Union bank recently opened an overseas branch in Sydney also.