Union Bank of India, commonly referred to as Union Bank or UBI, is an Indian public sector bank headquartered in Mumbai. It has 153+ million customers and a total business of Rs.19,84,842 Crores[7] After the merging with Corporation Bank and Andhra Bank, which came into effect on 1 April 2020, the merged entity became one of the largest PSU banks in terms of branch network with around 8700+ branches. Four of these are located overseas in Hong Kong, Dubai, Antwerp, and Sydney. UBI also has representative offices at Shanghai, Beijing and Abu Dhabi. UBI operates in the United Kingdom through its wholly owned subsidiary, Union Bank of India (UK). The bank has a network of 8500+ domestic branches, 10000+ ATMs, 18000+ Business Correspondent Points serving over 153 million customers with 76,700+ employees.[8]
A 2018 stamp dedicated to the 100th anniversary of the Union Bank of India
Union Bank of India was established on 11 November 1919 in Bombay (now Mumbai) by Seth Sitaram Poddar.[1] 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.[9] 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 (Bijapur; incorporated on 10 May 1948). 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.[10] In 2008, it established a branch in Hong Kong.[11] In 2009, Union Bank opened a representative office in Sydney, Australia.[12][citation needed]
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 (US$180 billion) and 9,609 branches.[13][14] The Board of Directors of Andhra Bank approved the merger on 13 September.[15][16] The Union Cabinet approved the merger on 4 March, and it was completed on 1 April 2020.[17]
^ ab"Profile". Union Bank of India. Retrieved 21 October 2021.
^"Central Office". Union Bank of India. Retrieved 21 October 2021.
^ abcdef"Annual Report 2022-23" (PDF). Union Bank of India. Retrieved 2 May 2023.
^"List of Directors". Union Bank of India. Retrieved 21 October 2021.
^"Union Bank of India Ltd. Financial Statements". moneycontrol.com.
^"Annual Report 2020-21" (PDF). Union Bank of India. Retrieved 21 October 2021.
^"Financial Results for the Quarter ended September 30, 2023 – Union Bank" (PDF). Union Bank of India. Mumbai. 27 October 2023. Retrieved 20 January 2024.
^"Profile | Union Bank of India". unionbankofindia.co.in. Retrieved 22 October 2021.
^"Union Bank of India turns 100". The Hindu BusinessLine. 13 November 2018. Retrieved 10 June 2021.
^"Union Bank of India furthers China presence". The Economic Times. 13 September 2007. Retrieved 10 June 2021.
^"Union Bank open Hong Kong branch". Business Standard. 2 August 2008. Retrieved 10 June 2021.
^"Union Bank of India to open three overseas branches this fiscal".
^"Bank Merger News: Government unveils mega bank mergers to revive growth from 5-year low | India Business News". The Times of India. PTI. 30 August 2019. Retrieved 22 October 2021.
^"10 public sector banks to be merged into four". Mint. 30 August 2019. Retrieved 30 August 2019.
^"Andhra Bank board okays merger with UBI". The Hindu. 13 September 2019. Retrieved 13 September 2019.
^"Andhra Bank board okays merger with Union Bank of India". The Economic Times. 13 September 2019. Retrieved 13 September 2019.
^Ghosh, Shayan (5 March 2020). "Three banks announce merger ratios". Livemint. Retrieved 6 March 2020.
External linksedit
Official website
March 13, 2024
union, bank, india, confused, with, union, bank, 1828, commonly, referred, union, bank, indian, public, sector, bank, headquartered, mumbai, million, customers, total, business, crores, after, merging, with, corporation, bank, andhra, bank, which, came, into, . Not to be confused with The Union Bank 1828 Union Bank of India commonly referred to as Union Bank or UBI is an Indian public sector bank headquartered in Mumbai It has 153 million customers and a total business of Rs 19 84 842 Crores 7 After the merging with Corporation Bank and Andhra Bank which came into effect on 1 April 2020 the merged entity became one of the largest PSU banks in terms of branch network with around 8700 branches Four of these are located overseas in Hong Kong Dubai Antwerp and Sydney UBI also has representative offices at Shanghai Beijing and Abu Dhabi UBI operates in the United Kingdom through its wholly owned subsidiary Union Bank of India UK The bank has a network of 8500 domestic branches 10000 ATMs 18000 Business Correspondent Points serving over 153 million customers with 76 700 employees 8 Union Bank of India LimitedFormerlyThe Union Bank of India Ltd 1919 1969 Company typePublicTraded asBSE 532477NSE UNIONBANKISININE692A01016IndustryBankingFinancial servicesFounded11 November 1919 104 years ago 1919 11 11 in MumbaiFounderSeth Sitaram Poddar 1 HeadquartersUnion Bank Bhavan 239 Vidhan Bhavan Marg Nariman Point Mumbai Maharashtra India 2 Number of locations8 500 branches 12 800 ATMs 3 March 2021 Key peopleSrinivasan Varadarajan Non Exe Chairman A Manimekhalai MD amp CEO 4 ServicesConsumer banking corporate banking finance and insurance investment banking mortgage loans private banking wealth managementRevenue 97 078 50 crore US 12 billion 3 FY23 Operating income 25 250 20 crore US 3 2 billion 3 FY23 Net income 8 511 70 crore US 1 1 billion 3 FY23 Total assets 1 288 357 10 crore US 160 billion 3 FY23 Total equity 78 803 50 crore US 9 9 billion 5 FY23 OwnerGovernment of India 83 49 Number of employees75 500 3 FY23 Capital ratio12 56 March 2021 6 Websitewww wbr unionbankofindia wbr co wbr in Contents 1 History 2 Subsidiaries 3 See also 4 References 5 External linksHistory edit nbsp A 2018 stamp dedicated to the 100th anniversary of the Union Bank of IndiaUnion Bank of India was established on 11 November 1919 in Bombay now Mumbai by Seth Sitaram Poddar 1 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 9 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 Bijapur incorporated on 10 May 1948 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 10 In 2008 it established a branch in Hong Kong 11 In 2009 Union Bank opened a representative office in Sydney Australia 12 citation needed 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 US 180 billion and 9 609 branches 13 14 The Board of Directors of Andhra Bank approved the merger on 13 September 15 16 The Union Cabinet approved the merger on 4 March and it was completed on 1 April 2020 17 Subsidiaries editUnion Bank of India UK Limited Union Asset Management Co Private Limited Union Trustee Co Pvt Limited Star Union Dai ichi Life Insurance Chaitanya Godavari Grameen Bank Corpbank Securities ltd UBI Services LtdSee also edit nbsp Banks portalBanking in India List of banks in India Reserve Bank of India Indian Financial System Code List of largest banks List of companies of India Make in IndiaReferences edit a b Profile Union Bank of India Retrieved 21 October 2021 Central Office Union Bank of India Retrieved 21 October 2021 a b c d e f Annual Report 2022 23 PDF Union Bank of India Retrieved 2 May 2023 List of Directors Union Bank of India Retrieved 21 October 2021 Union Bank of India Ltd Financial Statements moneycontrol com Annual Report 2020 21 PDF Union Bank of India Retrieved 21 October 2021 Financial Results for the Quarter ended September 30 2023 Union Bank PDF Union Bank of India Mumbai 27 October 2023 Retrieved 20 January 2024 Profile Union Bank of India unionbankofindia co in Retrieved 22 October 2021 Union Bank of India turns 100 The Hindu BusinessLine 13 November 2018 Retrieved 10 June 2021 Union Bank of India furthers China presence The Economic Times 13 September 2007 Retrieved 10 June 2021 Union Bank open Hong Kong branch Business Standard 2 August 2008 Retrieved 10 June 2021 Union Bank of India to open three overseas branches this fiscal Bank Merger News Government unveils mega bank mergers to revive growth from 5 year low India Business News The Times of India PTI 30 August 2019 Retrieved 22 October 2021 10 public sector banks to be merged into four Mint 30 August 2019 Retrieved 30 August 2019 Andhra Bank board okays merger with UBI The Hindu 13 September 2019 Retrieved 13 September 2019 Andhra Bank board okays merger with Union Bank of India The Economic Times 13 September 2019 Retrieved 13 September 2019 Ghosh Shayan 5 March 2020 Three banks announce merger ratios Livemint Retrieved 6 March 2020 External links editOfficial website nbsp Retrieved from https en wikipedia org w index php title Union Bank of India amp oldid 1209729639, wikipedia, wiki, book, books, library,
