The bank has a network of more than 4,000 branches and about 14,000 ATMs across the country. Union Bank of India also has subsidiaries in the United Kingdom, Hong Kong, and the United States.
The bank’s shares are listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India. As of March 31, 2017, the promoter group held a 55.99% stake in the bank while the public shareholders held a 44.01% stake. The bank had more than 8000 employees as of December 2016.
When was the union bank of India founded?
Union Bank of India was founded on June 3, 1907, in Amalner, Maharashtra by Ghanshyam Das Birla and his associates. Initially known as the “Amalner Giro Bank”, it began with a paid-up capital of INR 10,000 and deposits of INR 1,00,000. In 1913, the bank received its license from the Reserve Bank of India to function as a full-fledged commercial bank. The bank expanded rapidly in the following years and opened its first branch in Mumbai in 1920.
In 1948, the Government of India nationalized the bank along with 13 other leading commercial banks in India. The bank’s name was changed to “Union Bank of India”. After nationalization, the bank grew rapidly and expanded its network across the country. In the 1970s, the bank started expanding its operations overseas with the establishment of subsidiaries in the United Kingdom, Hong Kong, and the United States.
In 2001, the Union Bank of India merged with United Western Bank (UWB) in Pune. The bank’s merger with Andhra Bank in 2008 made it the third-largest government-owned banking entity, after State Bank of India and Punjab National Bank.
Union Bank of India is an Authorized Dealer for forex transactions in India. (ref RBI website) The bank is also a member of the SWIFT network and has correspondent banking relationships with over 300 banks across 82 countries.
The bank offers a wide range of products and services to its customers, which include retail banking, corporate banking, institutional banking, treasury, asset management, and insurance. The bank has a network of more than 4,000 branches and about 14,000 ATMs across the country. Union Bank of India also has subsidiaries in the United Kingdom, Hong Kong, and the United States.
The Union Bank of India has established a subsidiary to offer wealth management services – Union Wealth Management Limited (UWML). UWML is a wholly-owned subsidiary of Union Bank of India established intending to provide wealth management services to high net worth individuals, both in India and overseas. The services offered by UWML include portfolio management, investment advisory, brokerage services, etc.
Union Bank Of India has entered into an agreement with Fedwire Securities Services Ltd (FSSL) for clearing and settling through CLS Bank International all forex transactions related to the US dollar.
This is done to reduce settlement risk and time for all forex transactions related to USD.