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. 19,84,842 Crore. After Merging With Corporate Bank And Andhra Bank On April 1, 2020, The Merged Entity Became One Of The Largest PSU Banks In The Branch Network With Around 8,700 + Branches. Four Of These Are Located Overseas In Hong Kong, Dubai, Antwerp And Sydney. UBI Also Has Representative Offices In Shanghai, Beijing And Abu Dhabi. UBI Operates In The UK Through Its Wholly Owned Subsidiary, Union Bank Of India (UK). The Bank Has A Network Of 8,500 + Domestic Branches, 10,000 + ATMs, 18,000 + Business Agent Points, Serving Over 153 Million Customers And 76,700 + Employees.
HISTORY
2018 Postage Stamp Commemorating The 100th Anniversary Of Union Bank Of India
Union Bank Of India Was Established In Mumbai (now Mumbai) On November 11, 1919 By Seth Sitaram Poddar. The Bank's Corporate Offices Were Inaugurated By Mahatma Gandhi. At The Time Of India's Independence In 1947, The Bank Had Four Branches - Three In Mumbai And One In The Trading Hub Of Sorashtra. By The Time The Indian Government Nationalized UBI In 1969, It Had 240 Branches. In 1975, It Acquired Belgaum Bank, A Private Sector Bank Founded In 1930, Which In 1964 Merged Into One Bank, Shri Jadeya Shankarling Bank (Bijapur; Founded On May 10, 1948). In 1985, It Acquired Miraj National Bank, Founded In 1929, Which Had 26 Branches. In 1999, UBI Acquired Sikkim Bank And Its Eight Branches.
UBI Expanded Internationally By Opening Offices In Abu Dhabi, United Arab Emirates, And Shanghai, China, In 2007. In 2008, A Branch Was Established In Hong Kong. In 2009, UBI Opened A Representative Office In Sydney, Australia.
On August 30, 2019, Finance Minister Nirmala Sitharaman Announced That Andhra Bank And Corporate Bank Would Merge To Form Union Bank Of India. The Proposed Merger Would Make Union Bank The Fifth Largest Public Sector Bank In The Country With Assets Of Rs 14.59 Billion (USD 170 Billion) And 9,609 Branches. The Board Of Directors Of Andhra Bank Approved The Merger On September 13. The Union Cabinet Approved The Merger On March 4 And It Was Completed On April 1, 2020.
Subsidiary
- Union Bank Of India (UK) Limited
- Union Asset Management Limited
- Union Trustee Co. Pvt. Limited (United Trust Limited)
- Star Union Dai-ichi Life Insurance
- Chaitanya Godavari Grameen Bank
- Corpbank Securities Ltd.
- UBI Services Limited
