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UNION BANK OF INDIA

Jan 20, 2020 351

HISTORY:

It has been registered Union Bank of India (Union Bank) on November 11, 1919 as a limited company in Mumbai was inaugurated by Mahatma Gandhi. At the time of India's independence in 1947, Union Bank was only four branches - three in Mumbai and one in Saurashtra, all concentrated in the major commercial centers. After acceleration Union Bank independence to grow and by the time the government nationalized in 1969, it has grown to 240 branches in 28 states. After a brief period of nationalization, Union Bank merged with Bank of Belgaum, a private sector bank was founded in 1930, which itself was merged into the bank in 1964, and Shri Jadeya Shankarling Bank (Bijapur, was incorporated on May 10, 1948). Then in 1985 it merged Union Bank in Maraj State Bank, which was established in 1929, which had 26 branches. In 1999, a request to the Reserve Bank of India to acquire the bank Union Bank of Sikkim in the rescue after it has been widespread irregularities discovered in the bank's non-performing. The bank has eight branches located Sikkim in the northeast, which was attractive for Union Bank.

Union Bank's international expansion began in 2007 with the opening of representative offices in Abu Dhabi, United Arab Emirates, and Shanghai, People's Republic of China. The following year, Union Bank established a branch in Hong Kong, its first branch outside India. In 2009, the Union Bank opened a representative office in Sydney, Australia.

At present, the leading offshore banking operations of Union Bank of India through its branches in Hong Kong and the newly opened branch in Dubai at the Dubai International Financial Centre.

Union Bank also recently opened an overseas branch in Sydney.

CHAIRMAN: Arun Tiwari