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Union Bank I Company History
Union Bank of India is one of largest state-owned banks in India. The bank has a strong network of 4298 branches as of 30 June 2018. The bank has 28 extension counters 60 satellite offices and 48 service branches as of 30 June 2018 in addition to its regular bank branches. Total number of ATMs stood at 12963 including 5407 micro ATMs & 3115 talking ATMs as of 30 June 2018. The bank also has international presence with 4 overseas branches at Hong Kong DIFC (Dubai) Antwerp (Belgium) and Sydney
(Australia). In addition the bank has representative offices at Shanghai Beijing and Abu Dhabi. The bank also operates in United Kingdom through its wholly owned subsidiary Union Bank of India (UK) Ltd. Union Bank of India's portfolio of services include Retail Banking Corporate/Wholesale Banking Treasury Operations cash management services merchant banking depository services online trading in securities and clearing bank services.Union Bank of India was originally incorporated on November 11 1919 in Mumbai with the name The Union Bank of India Ltd. In the year 1921 the Bank shifted their registered office to Mumbai Samachar Marg Fort Mumbai which was inaugurated by Mahatma Gandhi. The Bank entered a growth phase in the 1960s and they aligned their activities in line with the national priorities.In July 19 1969 the Bank was nationalised and the name of the Bank was changed to 'Union Bank of India'. Pursuant to nationalization the Bank sponsored four regional rural banks in 1972. In the year 1975 Belgaum Bank Ltd a private sector bank was amalgamated with the Bank. In the year 2001 Staff Training College Bangalore the Bank's staff college acquired ISO 9001 certification. In the year 2002 the
Bank undertook their initial public offer of equity shares and the equity shares were subsequently listed on the BSE and NSE. They introduced a new scheme called 'Union Express Remittance scheme' for providing service to NRI in West Asia. The Bank made a tie up with New India Insurance Company for market and distributed the products of New India Insurance Company on a commission basis. Also they made a tie up with two IT companies to develop core-banking solutions.In the year 2003 the Bank launched Core Banking Solution providing 'Anytime Anywhere Banking'. They launched 2 new schemes namely NRI Foreign Currency Loans and Domestic Resident Foreign currency accounts for the benefit of NRI and FCNR (B) customers. The Bank signed an agreement with Corporation Bank to share their Cash Management System infrastructure. Also they launched Union BillPay a convenient utility bill payment service for their customers in association with Billdesk.During the year 2004 the Bank opened the new representative offices at Dubai (UAE) & Doha (Qatar). They made a tie up with HDFC Standard Life for providing bank depositors an insurance cover under group policy with a target to bring in 50000 customers under risk cover. Also they entered into a banc assurance tie-up with the Export Credit Guarantee Corporation Ltd (ECGC) for marketing the latter's export credit insurance products.In April 7 2004 the Bank made an agreement with SBI Life Insurance Co Ltd to make available to the Bank's Home Loan borrowers' life insurance cover on group basis. They launched 'Union Miles Scheme' an
exclusive two-wheeler finance scheme along with TVS Motor Company. They inaugurated their retail finance boutique at Ghatkopar (East) in Mumbai. During the year the Bank was one of seven new Indian entrants to the Forbes 2000 list of the world's biggest and most powerful companies.In the year 2005 the Bank launched Unioncard which is international credit card and international debit card in association with VISA. They commenced clearing bank operations with the NSE and BSE for settlement of funds and securities obligations under Cash and Future and Options Segments. Also they introduced Union White Card for dairy units. During the year 2004-05 the Bank opened 23 new branches 14 new Extension Counter and upgraded 23 Extension Counters into full-fledged branches. They made a tie up with Principal PNB Asset Management Company for distribution of their mutual fund schemes. Also a study by ASSOCHAM Eco Pulse identified the Bank as 'number one
They inaugurated their retail finance boutique at Ghatkopar (East) in Mumbai. During the year the Bank was one of seven new Indian entrants to the Forbes 2000 list of the world's biggest and most powerful companies.In the year 2005 the Bank launched Unioncard which is international credit card and international debit card in association with VISA. They commenced clearing bank operations with the NSE and BSE for settlement of funds and securities obligations under Cash and Future and Options Segments. Also they introduced Union White Card for dairy units. During the year 2004-05 the Bank opened 23 new branches 14 new Extension Counter and upgraded 23 Extension Counters into full-fledged branches. They made a tie up with Principal
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