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Friday, August 24, 2012

Union Bank plans to increase branches to 3,500,ATMS to 5,000

State-owned Union Bank of India today said it plans to expand its domestic and international presence by increasing number of branches and ATMs by this fiscal-end.

"We plan to increase our branches from around 3,200 to 3,500 and the ATMs by 5,000 from the present 4,000-odd, both by March, 2013," Union Bank Chairman and Managing Director D Sarkar told reporters here.

Sarkar was here to inaugurate the bank's 161st 'Union Xperience' branch, which involves a better ambience and more automation, and touted as a 'flagship project'.

On the latest Xperience branch inaugurated here, he said it will have a round-the-clock Self Service Lobby with various automation machines like self-service passbook printer, cheque deposit machine and phone banking terminal.

He ruled out such automation facilities will lead to downsizing of staff as "we have no plans to reduce people".

They will be used more in front office line, he said. On the proposed foreign ventures, he said they included a London subsidiary and branches in Belgium and Sydney in addition to its five existing overseas representative offices, including in China.

The bank's rationale behind increasing its overseas operations was mainly to cater to its corporate clientele "who are expanding."

"Retaining and helping them is our intention," he said. To a question on the bank's restructured accounts, he said steel and construction sectors formed a large part of it. The bank's overall business stood at around Rs 4 lakh crore with Tamil Nadu contributing over Rs 15,000 crore.

Source: EconomicTimes


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