UBI | |
Company type | Nationalised Bank |
Industry | Banking, Financial services |
Founded | 11 November 1919 |
Headquarters | Mumbai |
Number of locations | 9500+ (2020) |
Key people | Shri Rajkiran Rai G. (MD & CEO) Gopal Singh Gusain, Manas Ranjan Biswal, Dinesh Kumar Garg (EDs) |
Products | Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management |
Revenue | ₹43,268 crore (US$5.4 billion) (2020)[1] |
₹9,243 crore (US$1.2 billion) (2020)[1] | |
₹−531 crore (US$−66 million) (2020)[1] | |
Total assets | ₹555,509 crore (US$70 billion) (2020)[1] |
Total equity | ₹30,462 crore (US$3.8 billion) (2020)[1] |
Owner | Government of India (86.75%) |
Number of employees | 75,000[1] (2020) |
Parent | Ministry of Finance , Government of India |
Subsidiaries | |
Capital ratio | 12.81% |
Website | www |
Union Bank of India, d/b/a UBI, is an Indian nationalised bank under the ownership of Ministry of Finance with 120+ million customers and a total business of US$106 billion.[2] After the amalgamation with Corporation Bank and Andhra Bank, which came into effect on 1 April 2020, the amalgamated entity became the fifth largest PSU bank in terms of branch network with around 9500 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).
Union Bank of India was registered on 11 November 1919 as a limited company in Bombay (present-day Mumbai) and was inaugurated by Mahatma Gandhi. At the time of India's independence in 1947, the bank had four branches – three in Mumbai and one in Saurashtra in trade centres.[3] 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.
UBI expanded internationally in 2007 with the opening of offices in Abu Dhabi, United Arab Emirates and in Shanghai, China.[4] In 2008, it established a branch in Hong Kong.[5] In 2009, Union Bank opened a representative office in Sydney, Australia.[6][citation needed]
On 30 August 2019, Finance Minister Nirmala Sitharaman announced that Andhra Bank 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 ₹14.59 lakh crore (US$180 billion) and 9,609 branches.[7][8] The Board of Directors of Andhra Bank approved the merger on 13 September.[9][10]