Union Bank of India (UBI) is an Indian public sector bank headquartered in Mumbai. It was established in 1919 and naionalised by the Government of India in 1969. [8]
After the merger with Corporation Bank and Andhra Bank, which came into effect on 1 April 2020, UBI became one of the largest public sector banks with around 9,300 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 also has over 10,000 ATMs and 23,000 Business Correspondent Points, with more than 76,700 employees.[9]
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.[10] 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.[11] In 2008, it established a branch in Hong Kong.[12] In 2009, Union Bank opened a representative office in Sydney, Australia.[13][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$170billion) and 9,609 branches.[14][15] The Board of Directors of Andhra Bank approved the merger on 13 September.[16][17] The Union Cabinet approved the merger on 4 March, and it was completed on 1 April 2020.[18]
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₹97,078.50 crore (US$11 billion) [3] (FY23)
