About
Union Bank of India (UBI) was incorporated on on 11 November 1919 and was inaugurated by Mahatma Gandhi. It is one of the largest public sector banks with a customer base of over 120 million. It recently merged Andhra Bank and Corporation Bank on 1 April 2020 to become the fourth largest bank with over 9500 banking branches. UBI is also the fifth largest bank in terms of business.
It also operates 4 overseas banking branches in Dubai, Sydney, Antwerp, Hong Kong. It is present in Beijing, Shanghai, and Abu Dhabi through its representative offices.
Listing and Revenue
Union Bank of India is listed on both BSE and NSE.
| Revenue | ₹ 42,492 crore |
| Operating Income | ₹ 9,181 crore |
| Net Income | ₹ -2,898 crore |
| Total Assets | ₹ 5,50,683 crore |
Products and Services
The Bank offers various types of banking and financial services to its customers such as deposits as savings account, credit cards, wealth management, NRI banking, fixed deposits, home loan, personal loan, debit card, car loan, corporate loan gold loan and more.
History
Union Bank of India formally known as Union Bank was registered on 11 November 1919. The limited company based in Mumbai was inaugurated by Mahatma Gandhi. Till 1947, it had 4 branches - one in Saurashtra and three in Mumbai. After the nationalisation in 1069, it had 240 branches all over the country.
Union Bank entered into international markets in 2007 by opening its offices in UAE, Abu Dhabi, and Shanghai. It opened its first branch in 2008 in Hong Kong and representative office in Sydney in 2009.
Acquisitions
In 1975, UBI took over Belgaum Bank and the Shri Jadeya Shankarling Bank. Then In the year 1985, Union Bank of India acquired Miraj State Bank along with its 26 branches.
On 30 August 2019, government announced that Andhra Bank and Corporation Bank would be merged into Union Bank of India. The Board of Directors of Andhra Bank approved the proposed merger on 13 September.
Awards and Recognitions
Union Bank of India won the Best Financial Inclusion Initiatives (winner) and Best Technology Bank of the Year (runner-up) Awards from IBA (Indian Banks’ Association) at Mumbai on 21st February, 2017
Union bank of India also won champion of champions trophy at the 55th ABCI awards ceremony in Mumbai on 18th March, 2016.
Subsidiaries
UBI operates in the United Kingdom through its wholly-owned subsidiary, Union Bank of India (UK).
Its other subsidiaries include Union Asset Management Co. Private Limited, Star Union Dai-ichiLife Insurance Co. Limited, Union Trustee Co. Pvt. Limited, and Kashi Gomti Samyut GraminBank.