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Monday, September 24, 2012

Union Bank eyes retail business for growth

Union Bank would focus on strengthening its retail portfolio in the current fiscal as a part of increasing its business in the country.

“The bank will have a major focus on retail business during the current financial year”, the bank said in a statement.

The bank’s total business as of March 31, 2012 was Rs 4,03,900 crore with deposits of 2,22,869 crore and advances of Rs 1,81,031 crore. UBI’s capital adequacy ratio is 11.85 per cent.

The bank’s outstanding lending to agriculture sector is Rs 1,739 crore, for Micro, small and medium enterprises at Rs 1,648 crore and Rs 1,539 crore for retail loan, the statement said.

Meanwhile, the bank said it has launched a “remodelled branch” at nearby West Tambaram under the brand “UnionXperience”.

Union Bank of India currently has 3,252 branches and 4,179 ATM networks across the country.


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