Union Bank of India

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Not to be confused with The Union Bank (1828).

Union Bank of India
UBI
Traded as
ISININE692A01016
IndustryBanking, Financial services
Founded11 November 1919; 105 years ago (1919-11-11)
HeadquartersMumbai
Number of locations
9500+ (2020)
Key people
Shri Rajkiran Rai G.
(MD & CEO)
Gopal Singh Gusain, Manas Ranjan Biswal, Dinesh Kumar Garg
(EDs)
ProductsConsumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management
RevenueIncrease ₹43,268 crore (US$5.0 billion) (2020)[1]
Increase ₹9,243 crore (US$1.1 billion) (2020)[1]
Increase ₹−531 crore (US$−61 million) (2020)[1]
Total assetsIncrease ₹555,509 crore (US$64 billion) (2020)[1]
Total equityIncrease ₹30,462 crore (US$3.5 billion) (2020)[1]
OwnerGovernment of India (86.75%)
Number of employees
75,000[1] (2020)
Subsidiaries
Capital ratio class39 = tel12.81%
Websitewww.unionbankofindia.co.in

Union Bank of India, d/b/a UBI, is an Indian government-owned bank under the ownership of Ministry of Finance with 120+ million customers and a total business of US$106 billion.[2] After the amalgamation with Corporation Bank and Andhra Bank, which came into effect on 1 April 2020, the amalgamated entity became the fifth largest PSU bank in terms of branch network with around 9500 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).

History[edit]

Union Bank of India was registered on 11 November 1919 as a limited company in Bombay (present-day Mumbai) and 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.[3] 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.

UBI expanded internationally in 2007 with the opening of offices in Abu Dhabi, United Arab Emirates and in Shanghai, China.[4] In 2008, it established a branch in Hong Kong.[5] In 2009, Union Bank opened a representative office in Sydney, Australia.[6][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.[7][8] The Board of Directors of Andhra Bank approved the merger on 13 September.[9][10]

A 2018 stamp dedicated to the 100th anniversary of the Union Bank of India

Shareholding[edit]

Shareholders (as on 31-March-2020)[2] Shareholding %
Govt of India 86.75%
FIIs 1.28%
DIIs 6.37%
Public & Others 5.60%

Subsidiaries[edit]

  • Union Bank of India (UK) Limited
  • Union Asset Management Co. Private Limited
  • Union Trustee Co. Pvt. Limited
  • Star Union Dai-ichi Life Insurance Co. Limited
  • Chaitanya Godavari Grameen Bank
  • Corpbank Securities ltd.
  • Andhra Bank
  • Corporation Bank

See also[edit]

References[edit]

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 "Union Bank of India Ltd. Financial Statements". moneycontrol.com.
  2. ↑ 2.0 2.1 "FY2020 Financial Results" (PDF).
  3. ↑ "Union Bank of India turns 100". The Hindu BusinessLine. 13 November 2018. Retrieved 10 June 2021.
  4. ↑ "Union Bank of India furthers China presence". The Economic Times. 13 September 2007. Retrieved 10 June 2021.
  5. ↑ "Union Bank open Hong Kong branch". Business Standard. 2 August 2008. Retrieved 10 June 2021.
  6. ↑ "Union Bank of India to open three overseas branches this fiscal".
  7. ↑ https://timesofindia.indiatimes.com/business/india-business/government-unveils-mega-bank-mergers-to-revive-growth-from-5-year-low/articleshow/70911359.cms. Retrieved 30 August 2019. {{cite web}}: Missing or empty |title= (help)
  8. ↑ Staff Writer (30 August 2019). "10 public sector banks to be merged into four". Mint. Retrieved 30 August 2019.
  9. ↑ "Andhra Bank board okays merger with UBI". The Hindu. 13 September 2019. Retrieved 13 September 2019.
  10. ↑ "Andhra Bank board okays merger with Union Bank of India". The Economic Times. 13 September 2019. Retrieved 13 September 2019.

External links[edit]

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