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Union Bank of India, commonly referred to as Union Bank or UBI, is an Indian public sector bank headquartered in
Union Bank of India was established on 11 November 1919 in Bombay (now
Mumbai
Mumbai (, ; also known as Bombay — List of renamed Indian cities and states#Maharashtra, the official name until 1995) is the capital city of the Indian States and union territories of India, state of Maharashtra and the ''de facto'' fin ...
. It has 120+ million customers and a total business of US$106 billion. After the amalgamation with Corporation Bank and 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 t ...
, which came into effect on 1 April 2020, the amalgamated entity became the 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 8700+ domestic branches, 11100+ ATMs, 15300+ Business Correspondent Points serving over 120 million customers with 75000+ employees.
History
Union Bank of India was established on 11 November 1919 in Bombay (now Mumbai
Mumbai (, ; also known as Bombay — List of renamed Indian cities and states#Maharashtra, the official name until 1995) is the capital city of the Indian States and union territories of India, state of Maharashtra and the ''de facto'' fin ...
) by Seth Sitaram Poddar. The bank's corporate office was inaugurated by Mahatma Gandhi
Mohandas Karamchand Gandhi (; ; 2 October 1869 – 30 January 1948), popularly known as Mahatma Gandhi, was an Indian lawyer, anti-colonial nationalist Quote: "... marks Gandhi as a hybrid cosmopolitan figure who transformed ... anti- ...
. At the time of India's independence in 1947, the bank had four branches – three in Mumbai and one in Saurashtra in trade centres. 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
Shanghai (; , , Standard Mandarin pronunciation: ) is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flowin ...
, China. In 2008, it established a branch in Hong Kong
Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China (abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delta i ...
. In 2009, Union Bank opened a representative office in Sydney, Australia.
On 30 August 2019, Finance Minister Nirmala Sitharaman announced that 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 t ...
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 and 9,609 branches. The Board of Directors of Andhra Bank approved the merger on 13 September. The Union Cabinet
The Union Council of Ministers Article 58 of the ''Constitution of India'' is the principal executive organ of the Government of India, which is responsible for being the senior decision making body of the executive branch. It is chaired by t ...
approved the merger on 4 March, and it was completed on 1 April 2020.
Subsidiaries
* Union Bank of India (UK) Limited * Union Asset Management Co. Private Limited * Union Trustee Co. Pvt. Limited * Star Union Dai-ichi Life Insurance Co. Limited * Chaitanya Godavari Grameen Bank * Corpbank Securities ltd. * UBI Services LtdSee also
*Banking in India
Modern banking in India originated in the mid of 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. ...
* List of banks in India
This is the list of banks which are listed as Scheduled Banks (India) under second schedule of RBI Act, 1934.
Commercial banks Public Sector Banks (PSBs)
There are 12 public sector banks as of 15 November 2021
Private-sector banks
A ...
* Reserve Bank of India
The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible f ...
* Indian Financial System Code
The Indian Financial System Code (IFS Code or IFSC) is an alphanumeric code that facilitates electronic funds transfer in India. A code uniquely identifies each bank branch participating in the three main Payment and settlement systems in India: ...
* List of largest banks
* List of companies of India
India is a country in South Asia. It is the seventh-largest country by area, the second-most populous country (with over 1.2 billion people), and the most populous democracy in the world.
In 2019, the Indian economy was the world's fifth ...
* Make in India
Make in India is an initiative by the Government of India to create and encourage companies to develop, manufacture and assemble products made in India and incentivize dedicated investments into manufacturing. The policy approach was to crea ...
References
External links
* Public Sector Banks in India Banks based in Mumbai Banks established in 1919 Companies nationalised by the Government of India Indian brands Indian companies established in 1919 Companies listed on the National Stock Exchange of India Companies listed on the Bombay Stock Exchange {{India-company-stub