Union Bank of India

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 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, and 18000+ Business Correspondent Points serving over
153 million customers with 76,700+ employees.[8]

History

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]
On 30 August 2019, Finance Minister Nirmala
Union Bank of India
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 Formerly The Union Bank
bank in the country with assets of ₹14.59 lakh of India Ltd.
(1919–
crore
1969)
(US$170 billion) and 9,609 branches.[13][14] The
Company type Public
Board of Directors of Andhra Bank approved the
Traded as BSE: 532477 (https://
merger on 13 September.[15][16] The Union Cabinet
www.bseindia.com/st
approved the merger on 4 March, and it was ock-share-price/x/y/
completed on 1 April 2020.[17] 532477/)
NSE: UNIONBANK (ht
tps://www.nseindia.c
Subsidiaries om/get-quotes/equit
y?symbol=UNIONBA
Union Bank of India (UK) Limited NK)

Union Asset Management Co. Private ISIN INE692A01016 (http

s://isin.toolforge.or
Limited Union Trustee Co. Pvt. Limited g/?language=en&isin
=INE692A01016)
Star Union Dai-ichi Life Insurance
Industry Banking
Chaitanya Godavari Grameen Bank Financial services

Corpbank Securities ltd. Founded 11 November 1919

UBI Services Ltd Founder Seth Sitaram

Poddar[1]
See also Headquarters Union Bank Bhavan,
239, Vidhan Bhavan
Banking in India Marg, Nariman Point,
Mumbai,
List of banks in India Maharashtra, India[2]

Reserve Bank of India Number of 8,500 branches

locations 12,800
Indian Financial System ATMs[3] (March 2023)

Code List of largest banks Key people Srinivasan

Varadarajan
List of companies of (Non-Exe Chairman)
A. Manimekhalai
India Make in India (Managing Director &
CEO)[4]
 Services Consumer banking,
References corporate banking,
financial services,
1. "Profile" (https://www.unionbankofindia.co.in/engl investment banking,
ish/aboutus-profile.aspx) . Union Bank of India. mortgage loans,
private banking,
Retrieved 21 October 2021.
wealth management
2. "Central Office" (https://www.unionbankofindia.c
Revenue ₹97,078.50 crore
o.in/english/central-office.aspx) . Union Bank of
(US$12 billion)[3] (FY23)
India. Retrieved 21 October 2021.
Operating income ₹25,250.20 crore
3. "Annual Report 2022-23" (https://www.unionbank (US$3.0 billion)[3] (FY23)
ofindia.co.in/pdf/Financial-Results-for-the-Quarte
Net income ₹8,511.70 crore
r-ended-31mar2023.pdf) (PDF). Union Bank of
(US$1.0 billion)[3] (FY23)
India. Retrieved 2 May 2023.
Total assets ₹1,288,357.10 crore
4. "List of Directors" (https://www.unionbankofindia. [3]
(US$150 billion) (FY23)
co.in/english/aboutus-profile-nonexecutive.asp
Total equity ₹78,803.50 crore
x) . Union Bank of India. Retrieved 21 October
(US$9.4 billion)[5] (FY23)
2021.
Owner Government of India
5. "Union Bank of India Ltd. Financial Statements" (h (83.49) %
ttps://www.moneycontrol.com/india/stockpriceq
Number of 75,500[3] (FY23)
uote/bankspublicsector/unionbankindia/UBI0
employees
1) . moneycontrol.com.
Capital ratio 12.56% (March
. "Annual Report 2020-21" (https://www.unionbank 2021)[6]
ofindia.co.in/pdf/ANNUAL%20REPORT_UNION%2
Website www
0BANK%202020-2021.pdf) (PDF). Union Bank of
.unionbankonline.co
India. Retrieved 21 October 2021. .in (https://www.unio
nbankonline.co.in/)
7. "Financial Results for the Quarter ended
September 30, 2023 – Union Bank" (https://www.
unionbankofindia.co.in/pdf/press%20release%20
Banks portal
english%20q2fy24.pdf) (PDF). Union Bank of
India. Mumbai. 27 October 2023. Retrieved
20 January 2024.

. "Profile | Union Bank of India" (https://www.union

bankofindia.co.in/english/aboutus-profile.aspx) .
unionbankofindia.co.in. Retrieved 22 October
2021.