Union Bank of India

#2053

Rank

$6.72B

MarketCap IN

IN India

Country

Summary
Union Bank of India provides various banking products and services. It operates through four segments: Treasury Operations, Retail Banking Operations, Corporate and Wholesale Banking, and Other Banking Operations. The company offers savings and current accounts; term and recurring deposits; and demat and online trading accounts. It also provides retail loans, including home, vehicle, education, and personal loans; loans against the property; and loans for pensioners, as well as products and loans for micro, small, and medium enterprises. In addition, the company offers mutual funds, life, non-life, health, and general insurance products, and tax saving deposits; government saving schemes, tax collection services, pension products, and departmentalized ministries accounts; short term, long term, and other credit for agricultural/SSI/tertiary sectors; and safe deposit locker and cheque collection services. Further, it provides corporate loans comprising Covid emergency line of credit, trade finance, working capital, lines of credit, project financing, and channel finance; debt structuring/restructuring, loan syndication, structured finance, mergers and acquisition advisory, and private equity services; cash management, ECGC cover, and foreign exchange services, as well as derivatives; export and import finance services; NRI banking services; and treasury and other products, and remittance services. Additionally, the company offers app, internet, self-service, ATM, and SMS banking services; point of sale terminal and immediate payment services; and combo, debit, credit, gift, prepaid, and payroll cards. As of March 31, 2022, it operated 8,870 branches in India; 3 overseas branches at Hong Kong, Dubai, and Sydney; 1 representative office in Abu Dhabi; and 11,232 ATMs. The company was incorporated in 1919 and is headquartered in Mumbai, India.

History

Union Bank of India was established on 11 November 1919 in Bombay by Seth Sitaram Poddar. The bank's corporate office was inaugurated by Mahatma Gandhi. At the time of India's independence in 1947, the bank had four branches – three in Mumbai and one in Saurashtra in trade centres. By the time the Indian government nationalized UBI in 1969, it had 240 branches. In 1975, it acquired Belgaum Bank, a private sector bank established in 1930 that had itself merged in a bank in 1964, the Shri Jadeya Shankarling Bank . In 1985, it acquired Miraj State Bank, which had been established in 1929, and which had 26 branches. In 1999, UBI acquired Sikkim Bank with its eight branches.

UBI expanded internationally in 2007 with the opening of offices in Abu Dhabi, United Arab Emirates and in Shanghai, China. In 2008, it established a branch in Hong Kong. In 2009, Union Bank opened a representative office in Sydney, Australia.On 30 August 2019, Finance Minister Nirmala Sitharaman announced that Andhra Bank and Corporation Bank would be merged into Union Bank of India. The proposed merger would make Union Bank the fifth largest public sector bank in the country with assets of ?14.59 lakh crore and 9,609 branches. The Board of Directors of Andhra Bank approved the merger on 13 September. The Union Cabinet approved the merger on 4 March, and it was completed on 1 April 2020.


Mission
Our mission is to provide International-level banking experience to our customers and offer products and services that meet all their banking requirements.

Vision
Our vision is to be the leading bank in providing innovative financial solutions and best-in-class services that enable our customers to achieve their desired goals.

Key Team

Ms. Arumugam Manimekhalai (MD, CEO & Director)

Mr. A. K. Vinod (Chief GM & Chief Compliance Officer)

Ms. Monika Kalia (GM & CFO)

Mr. Girija Bhushan Mishra (GM and Head of SSD & Corp. Communication)

Mr. Prafulla Kumar Samal C.A. (Chief GM & CFO)

Mr. Badatala Sreenivasa Rao (GM & Head of Rural and Agri Bus.)

Mr. Sangram Keshari Mohapatra (Chief GM and Head of Credit Monitoring & Credit Compliance)


Recognition and Awards
Union Bank has been recognized as one of the best-performing regional banks in the world in 2019 by the Asiamoney Magazine. The Bank has also been awarded the “Outstanding Bank Technology Award-2015” by 'The Chief Editor and Editor' magazine for its innovative technology based banking solutions.

References
Union Bank of India
Leadership team

Mr. Nitesh Ranjan (Exec. Director of Tech, Innovation, Strategy, Accounts & Compliance and Exec. Director)

Mr. Rajneesh Karnatak (Exec. Director)

Mr. Nidhu Saxena (Exec. Director)

Products/ Services
Banking, Finance, Financial Services
Number of Employees
Above 50,000
Headquarters
Mumbai, Maharashtra, India
Established
1919
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
UNIONBANK.NS
Mon Feb 26 2024
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