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Monday, January 26, 2015

Union Bank to open branch in Sydney

The Union Bank of India (UBI) will open its branch in Sydney by the end of this month, a top official has said.

"We are going to open a branch of the bank at Sydney on January 30. The bank also plans to open branches in Africa for further strengthening its global footprint," UBI Chairman and Managing Director Arun Tiwari told PTI.

Presently, the bank has a representative office in Sydney.

UBI recently opened a branch at Antwerp in Belgium. Apart from that, the bank has branches in Dubai, Hong Kong and London and representative offices in Beijing, Shanghai (both in China) and Abu Dhabi, he said.

Tiwari was speaking on the sidelines of a function to inaugurate a cash depositing kiosk here today.

"We will put up 500 more such machines across India which will be very useful to the customers," he said.

"The Union Bank of India has come up with a plan to strengthen its loan portfolio in retail, agriculture and MSME (micro, small and medium enterprises) sectors in 2014-15, thanks to the initiative taken by the Government of India and Reserve Bank," Tiwari said.

"Our focus for this year is on the RAM (retail, agriculture and MSME) sectors and we hope that the execution of our plans during the year will boost demand for industrial credit," he said.

Union Bank has the vision of becoming the top choice of customers by building beneficial and lasting relationship with them through a process of continuous improvement. The bank aspires to be the no. 1 retail bank in customer service excellence by 2020, Tiwari said.

The global business of the bank as on December 31, 2014 stood at Rs 5,34,051 crore, with deposit of Rs 3,02,782 crore and advances of Rs 2,31,269 crores. UBI had capital adequacy ratio of 10.30 per cent at the end of December 2014.

As part of pursuing the goal of financial inclusion in Gujarat for 2014-15, the bank has adopted 155 girl children in Vadodara region and paid Rs 4,000 per girl child, he said.

Under the Pradhan Mantri Jan Dhan Yojna, the bank has opened 2,43,393 accounts till January 21 in the state with a balance of Rs 5.85 crore and issued 1,79,624 rupay debit cards, he said.

"We have made provision for extra burden that is to be borne by the bank following the proposed hike in salaries of employees after finalisation of wage revision settlement, for which negotiations are taking place between the Indian Banks Association and the United Forum of Bank Unions," he said.

Source : Economic Times


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