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Union Bank of India

From Wikipedia, the free encyclopedia
Not to be confused with The Union Bank (1828).

Union Bank of India
FormerlyThe Union Bank of India Ltd. (1919–1969)
Company typePublic
ISININE692A01016
Industry
Founded11 November 1919; 104 years ago (1919-11-11)
FounderSeth Sitaram Poddar[1]
HeadquartersUnion Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point,
Mumbai, Maharashtra
,
India[2]
Number of locations
8,473branches
9,342ATMs[3] (June 2024)
Key people
  • Srinivasan Varadarajan
    (Non-Exe Chairman)
  • A. Manimekhalai
    (Managing Director & CEO)[4]
ServicesConsumer banking, corporate banking, financial services, investment banking, mortgage loans, private banking, wealth management
RevenueIncrease ₹97,078.50 crore (US$12 billion)[3] (FY23)
Increase ₹25,250.20 crore (US$3.0 billion)[3] (FY23)
Increase ₹8,511.70 crore (US$1.0 billion)[3] (FY23)
Total assetsIncrease ₹1,288,357.10 crore (US$150 billion)[3] (FY23)
Total equityIncrease ₹78,803.50 crore (US$9.4 billion)[5] (FY23)
OwnerGovernment of India (83.49) %
Number of employees
75,866[3] (FY24)
Capital ratio17.02% (June 2024)[6]
Websitewww.unionbankonline.co.in Edit this at Wikidata

Union Bank of India, commonly referred to as Union Bank , is an Indian public sector bank headquartered in Mumbai. It has 153+ million customers and a total business of Rs.21,36,405 crores as of June 30 2024 .[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, and 18000+ Business Correspondent Points serving over 153 million customers with 76,700+ employees.[8]

History

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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$170 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

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  • Union 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 Ltd

See also

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References

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  1. ^ a b "Profile". Union Bank of India. Retrieved 21 October 2021.
  2. ^ "Central Office". Union Bank of India. Retrieved 21 October 2021.
  3. ^ a b c d e f "Annual Report 2022-23" (PDF). Union Bank of India. Retrieved 2 May 2023.
  4. ^ "List of Directors". Union Bank of India. Retrieved 21 October 2021.
  5. ^ "Union Bank of India Ltd. Financial Statements". moneycontrol.com.
  6. ^ "Annual Report 2020-21" (PDF). Union Bank of India. Retrieved 21 October 2021.
  7. ^ "Financial Results for the Quarter ended September 30, 2023 – Union Bank" (PDF). Union Bank of India. Mumbai. 27 October 2023. Retrieved 20 January 2024.
  8. ^ "Profile | Union Bank of India". unionbankofindia.co.in. Retrieved 22 October 2021.
  9. ^ "Union Bank of India turns 100". The Hindu BusinessLine. 13 November 2018. Retrieved 10 June 2021.
  10. ^ "Union Bank of India furthers China presence". The Economic Times. 13 September 2007. Retrieved 10 June 2021.
  11. ^ "Union Bank open Hong Kong branch". Business Standard. 2 August 2008. Retrieved 10 June 2021.
  12. ^ "Union Bank of India to open three overseas branches this fiscal".
  13. ^ "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.
  14. ^ "10 public sector banks to be merged into four". Mint. 30 August 2019. Retrieved 30 August 2019.
  15. ^ "Andhra Bank board okays merger with UBI". The Hindu. 13 September 2019. Retrieved 13 September 2019.
  16. ^ "Andhra Bank board okays merger with Union Bank of India". The Economic Times. 13 September 2019. Retrieved 13 September 2019.
  17. ^ Ghosh, Shayan (5 March 2020). "Three banks announce merger ratios". Livemint. Retrieved 6 March 2020.
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