Union Bank of India

Last updated

Union Bank of India
Type Public
BSE:  532477
NSE:  UNIONBANK
Industry Banking, Financial services
Founded11 November 1919;101 years ago (1919-11-11)
Headquarters Mumbai
Number of locations
9500+ (2020)
Key people
Shri Rajkiran Rai G.
(MD & CEO)
Gopal Singh Gusain, Manas Ranjan Biswal,Dinesh Kumar Garg(EDs)
Products Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management
RevenueIncrease2.svg43,268 crore (US$6.1 billion) (2020) [1]
Increase2.svg9,243 crore (US$1.3 billion) (2020) [1]
Increase2.svg−531 crore (US$−74 million) (2020) [1]
Total assets Increase2.svg555,509 crore (US$78 billion) (2020) [1]
Total equity Increase2.svg30,462 crore (US$4.3 billion) (2020) [1]
Owner Government of India (86.75%)
Number of employees
75,000 [1]  (2020)
Capital ratio 12.81%
Website www.unionbankofindia.co.in

Union Bank of India is one of the largest government-owned banks of India 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 becomes the fourth largest bank in terms of branch network. UBI now has around 9500 branches after the amalgamation. Four of these are overseas in Hong Kong, Dubai, Antwerp, and Sydney. UBI also has representative offices at Shanghai, Beijing and Abu Dhabi. Lastly, UBI operates in the United Kingdom through its wholly owned subsidiary, Union Bank of India (UK). Union Bank of India was the anchor bank for both Andhra Bank and Corporation Bank, which came into effect on 1 April 2020 as announced by finance Minister of India Nirmala Sitharaman.

Contents

History

Union Bank of India (Union Bank) was registered on 11 November 1919 as a limited company in Mumbai and was inaugurated by Mahatma Gandhi. At the time of India's independence in 1947, Union Bank of India had four branches – three in Mumbai and one in Saurashtra, in trade centres. [3] By the time the Indian government nationalized Union Bank of India in 1969, it had 240 branches. In 1975, Union Bank of India 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). Then in 1985 Union Bank of India acquired Miraj State Bank, which had been established in 1929, and which had 26 branches.

Union Bank expanded internationally in 2007 with the opening of offices in Abu Dhabi, United Arab Emirates, and Shanghai in the People's Republic of China. [4] The next year, Union Bank established a branch in Hong Kong, its first branch outside India. In 2009, Union Bank opened a representative office in Sydney, Australia. [5]

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$200 billion) and 9,609 branches. [6] [7] The Board of Directors of Andhra Bank approved the merger on 13 September. [8] [9]

Shareholding

Shareholders (as on 31-March-2020) [2] Shareholding %
Govt of India86.75%
FIIs1.28%
DIIs6.37%
Public & Others5.60%

Subsidiaries

See also

Related Research Articles

State Bank of India Indian public sector bank

State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 43rd largest bank in the world and ranked 221st in the Fortune Global 500 list of the world's biggest corporations of 2020, being the only Indian bank on the list. A nationalised bank, it is the largest in India with a 23% market share by assets and a 25% share of the total loan and deposits market.

Bank of Baroda Indian public sector bank

Bank of Baroda (BOB) is an Indian multinational, public sector banking and financial services company. It is the third largest public sector bank in India, with 131 million customers, a total business of US$218 billion, and a global presence of 100 overseas offices. Based on 2019 data, it is ranked 1145 on Forbes Global 2000 list.

Punjab National Bank Indian public sector bank

Punjab National Bank, abbreviated as PNB, is an Indian public sector bank headquartered in New Delhi, India. The bank was founded in 1894 and is the second largest public sector bank (PSB) in India, both in terms of business and its network. The bank has over 180 million customers, 10,910 branches and 13,000+ ATMs post merger with United Bank of India and Oriental Bank of Commerce, effective from 1 April 2020.

Indian Bank Indian public sector bank

Indian Bank is an Indian state-owned financial services company established in 1907 and headquartered in Chennai, India. It serves over 100 million customers with 20,924 employees, 6,089 branches with 5,022 ATMs and 1,494 cash deposit machines and is one of the top performing public sector banks in India. Total business of the bank has touched 430,000 crore (US$60 billion) as on 31 March 2019. Bank's Information Systems and Security processes certified with ISO27001:2013 standard and is among very few Banks certified worldwide. It has overseas branches in Colombo and Singapore including a Foreign Currency Banking Unit at Colombo and Jaffna. It has 227 Overseas Correspondent banks in 75 countries. Since 1978, the Government of India has owned the bank. As per the announcement made by the Indian Finance Minister Nirmala Sitharaman on 30 August 2019, Allahabad Bank merged from 1 April 2020, making it the seventh largest bank in the country.

ICICI Bank Indian private sector bank

ICICI Bank Limited is an Indian multinational banking and financial services company with its registered office in Vadodara, Gujarat and corporate office in Mumbai, Maharashtra. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialised subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management. The bank has a network of 5,275 branches and 15,589 ATMs across India and has a presence in 17 countries.

Modern banking in India originated in the last decade of the 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791.

United Bank of India

United Bank of India (UBI) was an Indian government-owned bank headquartered in Kolkata, India. Presently the bank has a three-tier organisational setup consisting of its head office in Kolkata, 36 regional offices and 2054 branches spread all over India. However, its major presence is in Eastern India. The bank has three full-fledged overseas branches, one each at Kolkata, New Delhi and Mumbai. United Bank of India now aims to expand its international activities.

Syndicate Bank

Syndicate Bank was one of the oldest and major commercial banks of India. It was founded by Upendra Ananth Pai, T. M. A. Pai and Vaman Srinivas Kudva. At the time of its establishment, the bank was known as Canara Industrial and Banking Syndicate Limited. The bank, along with 13 major commercial banks of India, was nationalised on 19 July 1969, by the Government of India. The Bank was headquartered in the university town of Manipal, India. On 1st April 2020, the bank was merged into Canara Bank.

Canara Bank Indian public sector bank

Canara Bank is one of the largest public sector banks owned by the Government of India. It is headquartered in Bengaluru. It was established at Mangalore in 1906 by Ammembal Subba Rao Pai and later the government nationalized the bank in 1969. The bank also has offices abroad in London, Hong Kong, Moscow, Shanghai, Dubai, Tanzania and New York. As per the announcement made by the Finance Minister Nirmala Sitharaman on 30 August 2019, Manipal based Syndicate Bank merged with Canara bank on 1 April 2020, making it the fourth largest bank in the country.

Allahabad Bank

Allahabad Bank was a nationalised bank with its headquarters in Kolkata, India. Until its merger with the Indian Bank, it was the oldest joint stock bank in India. On 24 April 2014, the bank entered into its 150th year of establishment. The bank was founded in Allahabad in 1865.

Corporation Bank Indian public-sector banking company

Corporation Bank was a public-sector banking company headquartered in Mangalore, India. The bank had a pan-Indian presence. Presently, the bank has a network of 2,432 fully automated CBS branches, 3,040 ATMs, and 4,724 branchless banking units across the country. In 2019, finance minister Nirmala Sitharaman announced that Corporation Bank and Andhra Bank would be merged into the Union Bank of India, with all their branches becoming branches of the latter on 1 April 2020.

Dena Bank Ltd was an Indian public sector bank. It was headquartered in Mumbai and had 1,874 branches. The bank was founded in 1938 and the Indian government nationalized it in 1969.

Andhra Bank

Andhra Bank was a medium-sized public sector bank (PSB) of India, with a network of 2885 branches, 4 extension counters, 38 satellite offices and 3798 automated teller machines (ATMs) as of 31 March 2019. During 2011–12, the bank entered the states of Tripura and Himachal Pradesh. The bank operated in 25 states and three Union Territories. Andhra Bank had its headquarters in Hyderabad, Telangana, India. As per the announcements made by Minister of Finance (India) in August 2019, Andhra Bank merged with Union Bank of India in April 2020.

IndusInd Bank Limited is a new-generation Indian bank headquartered in Pune. The bank offers commercial, transactional and electronic banking products and services. IndusInd Bank was inaugurated in April 1994 by then Union Finance Minister Manmohan Singh. IndusInd Bank is the first among the new-generation private banks in India.

Axis Bank Limited is an Indian private sector bank headquartered in Mumbai, Maharashtra. It sells financial services to large and mid-size companies, SMEs and retail businesses.

Oriental Bank of Commerce was an Indian public sector bank. Headquartered at Gurgaon, Haryana, had 2390 branches and 2625 ATMs across India. (1943–2020)

Nirmala Sitharaman Finance Minister of India

Nirmala Sitharaman is an Indian politician serving as the current Minister of Finance and Corporate Affairs of India. She is a member of the Rajya Sabha, upper house of the Indian Parliament, since 2014. Sitharaman formerly served as the Defence Minister of India, thereby becoming India's second female defence minister and also the second female finance minister after Indira Gandhi, and first full-time female Finance Minister. She has served as the Minister of State for Finance and Corporate Affairs under the Ministry of Finance and the Minister for Commerce and Industry with independent charge. Prior to that, she served as a national spokesperson for the Bharatiya Janata Party.

Public Sector Banks (PSBs) are a major type of bank in India, where a majority stake is held by the government. The shares of these banks are listed on stock exchanges. There are a total of 12 Public Sector Banks alongside 1 state-owned Payments Bank in India.

Lakshmi Vilas Bank Limited was an Indian private sector bank established in 1926 in Karur, Tamil Nadu. As of November 2020, the bank has 566 branches in 19 states and 1 union territory. On 27 November 2020, the bank was merged into the Indian subsidiary of DBS Bank.

References

  1. 1 2 3 4 5 6 "Union Bank of India Ltd. Financial Statements". moneycontrol.com.
  2. 1 2 "FY2020 Financial Results" (PDF).
  3. "Union Bank of India turns 100". 13 November 2018.
  4. "Union Bank of India furthers China presence". 13 September 2007.
  5. "Union Bank of India to open three overseas branches this fiscal".
  6. 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.Missing or empty |title= (help)
  7. Writer, Staff (30 August 2019). "10 public sector banks to be merged into four". Mint. Retrieved 30 August 2019.
  8. "Andhra Bank board okays merger with UBI". The Hindu. 13 September 2019. Retrieved 13 September 2019.
  9. "Andhra Bank board okays merger with Union Bank of India". The Economic Times. 13 September 2019. Retrieved 13 September 2019.