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Union Bank of India
Type Public
Headquarters Mumbai, India
Key people Mavila Vishwanathan Nair (Chair)
Industry Financial
Commercial banks
Revenue USD 1.23 billion
Net income USD 0.16 billion
Employees 25,630
Website www.unionbankofindia.co.in

Union Bank of India (UBI) is one of India's largest state-owned banks (the government owns 55.43% of its share capital), is listed on the Forbes 2000. It has assets of USD 13.45 billion and all the bank's branches have been networked with its 1135 ATMs. 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, and Shanghai, Peoples Republic of China, and a branch in Hong Kong.

Because of its acronym UBI, the public sometimes confuses it with United Bank of India.

History

  • 1919 UBI was registered on November 11, 1919 as a limited company in Mumbai. It was inaugurated by Mahatma Gandhi.
  • 1947 UBI had only 4 branches - 3 in Mumbai and 1 in Saurashtra, all concentrated in key trade centres.
  • 1975 The Government nationalized UBI. At the time of its nationalization, UBI had 240 branches in 28 states.
After nationalization, UBI merged in Belgaum Bank, a private sector bank established in 1930.
  • 1985 UBI merged in Miraj State Bank, established in 1929.
  • 1999 UBI acquired Sikkim Bank in a rescue at the request of the Reserve Bank of India after the discovery of extensive irregularities at the non-scheduled bank. Sikkim Bank had eight branches located in the North-east, which was attractive to UBI.
  • 2007 UBI opened representative offices in Abu Dhabi, United Arab Emirates, and Shanghai, Peoples Republic of China.
  • 2008 UBI opened a branch in Hong Kong, its first branch outside India.
  • Dec 2009 UBI opened a representative office in Sydney

See also

External links

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