Union Bank of India

Not to be confused with The Union Bank (1828).

Union Bank of India

Formerly	The Union Bank of India Ltd. (1919–1969)
Type	Public
Traded as	BSE: 532477 NSE: UNIONBANK
ISIN	INE692A01016
Industry	Banking Financial services
Founded	11 November 1919 (1919-11-11)
Founder	Seth Sitaram Poddar
Headquarters	Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra , India
Number of locations	8,621 branches 8,910 ATMs (Mar 2025)
Key people	Srinivasan Varadarajan (Non-Exe Chairman) Ashish Pandey (Managing Director & CEO)
Services	Consumer banking, Corporate banking, Financial services, Investment banking, Mortgage loans, Private banking, Wealth management
Revenue	₹97,078.50 crore (US$10 billion) (FY23)
Operating income	₹25,250.20 crore (US$2.6 billion) (FY23)
Net income	₹8,511.70 crore (US$880 million) (FY23)
Total assets	₹1,490,323 crore (US$150 billion) (FY25)
Total equity	₹78,803.50 crore (US$8.2 billion) (FY23)
Owner	Government of India (74.76) %
Number of employees	73,945
Capital ratio	18.02% (Mar 2025)
Website	www.unionbankofindia.bank.in www.unionbankonline.bank.in

Union Bank of India is an Indian public sector bank headquartered in Mumbai. It was established in 1919 and nationalised by the Government of India in 1969. This is one of the largest state-owned banks of the country. It is a listed entity, and the government owns about 74.76% of the total share in the bank.

After the merger with Corporation Bank and Andhra Bank, which came into effect on 1 April 2020, UBI became one of the largest public sector banks with around 9,300 branches. Two of these are located overseas in Dubai and Sydney. UBI also has a branch in Hong Kong. UBI operates in the United Kingdom through its wholly owned subsidiary, Union Bank of India (UK). The bank also has several representative offices, located in different spaces, like Shanghai, Beijing and Abu Dhabi .

The bank also has over 8700 ATMs and Over 8650 domestic branches and 28,550 plus BC Points. The portfolio of the bank includes multiple services like retail banking, corporate/wholesale banking, treasury operations, cash management services, merchant banking, depository services, online trading in securities and clearing bank services . The bank was incorporated on the 11th of November, 1919 by the name The Union Bank of India Ltd .

History

A 2018 stamp dedicated to the 100th anniversary of the Union Bank of India

Union Bank of India was established on 11 November 1919 in Bombay (now Mumbai) by Seth Sitaram Poddar. The bank shifted their registered corporate office to Samachar Marg, Fort, Mumbai in 1921. This office 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. By the time the Indian government nationalized UBI in 1969, it had 240 branches. Post nationalisation, the bank sponsored four regional banks. During the 1960s, the bank was in its phase of growth. The aims and goals of the bank, and national priorities were made to align .

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. In 1999, UBI acquired Sikkim Bank with its eight branches.

In 2001, the banks staff acquired an ISO 9001 certification. And in 2002, the bank undertook a public offer of equity shares . These offers were listed on NSE and BSE. During these years, a new scheme called the Union Express Remittance was introduced . This scheme was introduced to provide services to the NRIs of West Asia. The bank also collaborated with New India Insurance Company for market and distributed the products of the company on commission basis . In 2003, the bank collaborated with technical companies to increase the technical adaptiveness of the bank. During this time period, the bank launched a core banking solution that provided banking services across places and time periods . Two other schemes were launched, the NRI foreign currency loans and Resident Foreign Current Accounts for NRI and FCNR (B) customers. The bank also has a collaboration with the Corporation Bank to share their cash management infrastructure . Another initiative called Union BillPay was launched to make bill payments more convenient. This is in association with Billdesk .

The global expansion of UBI began with the opening of representative offices in Doha and Qatar in 2004 . UBI expanded internationally in 2007 with the opening of offices in Abu Dhabi, United Arab Emirates and in Shanghai, China. In 2008, it established a branch in Hong Kong. In 2009, Union Bank opened a representative office in Sydney, Australia.

During this time period, another major collaboration with the bank was made with HDFC Standard Life. The initiative began with an attempt to bring in 50,000 customers under the risk cover, and provided bank deposits an insurance through group policy . They also entered into a bancassurance tie-up with the Export Credit Guarantee Corporation Ltd. for marketing the insurance products of the latter. In 2004, the bank made an agreement with SBI Life Insurance Co Ltd., and through this collaboration made available insurance to the customers of home loans . The bank had gotten into a partnership with TVS Motor Company during this time, to launch an exclusive two wheeler financing scheme- Union Miles Scheme . They also set up a retail finance boutique at Ghatkopar (East) . The bank also entered the reputed Forbes 2000 list, cementing its position as one of the most powerful and important companies of the world .

During the 2004-05, the bank opened 23 new branches, and 14 extension counters into full fledged branches. In the year 2005, the bank also launched a new card called the Unioncard, which is an international credit and debit card in association with VISA. They started clearing bank operations with the NSE and BSE for fund settlement and securities obligations . They also introduced a Union white card for dairy units.

During the years 2005-06, the bank opened 31 new branches, 6 extension counters, and 5 of them were turned into full fledged branches. The bank made several collaborations with different firms during this time. Firstly, they collaborated with Principle PNB Asset Management Company for the distribution of their mutual fund schemes . The bank joined with Dena Bank and made a tie up with SFAC (Small Farmers Agri-business Consortium). In a study conducted by ASSOCHAM eco pulse, the bank was identified as number one in terms of returns to the investors among banking stocks during the fiscal year of 2005 . They also collaborated with LIC during this time.

During 2006-07, the bank opened 124 new branches and upgraded 9 extension counters, merged 2 branches and converted 1 into a satellite office. For the purpose of loan syndication, UBI and Bank of India collaborated with Infrastructure Development Finance Company . During the year, the bank entered into an MoU with IL&FS Ltd. to establish a platform for providing banking and custodial and demat services to foreign institutional investors investing in the Indian capital market . They entered into an MoU with Bank of India and Dai-Ichi Mutual Fund Life Insurance Company, a leading company of Japan, to discuss the possibility of a joint venture .

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$150 billion) and 9,609 branches. The Board of Directors of Andhra Bank approved the merger on 13 September. The Union Cabinet approved the merger on 4 March, and it was completed on 1 April 2020.

Subsidiaries

• Union Bank of India (UK) Limited
• Union Asset Management Co. Private Limited
• Union Trustee Co. Pvt. Limited
• Star Union Dai-ichi Life Insurance
• Andhra Pradesh Grameena Bank
• Corpbank Securities ltd.
• UBI Services Ltd

Governance

As of 2026, the banks Board of Directors includes

• Shri Asheesh Pandey - Managing Director and CEO
• Shri Nitesh Ranjan - Executive Director
• Shri Ramasubramanian S - Executive Director
• Shri Amresh Prasad - Executive Director
• Dr. Debasish Prusty - Government Nominee Director
• Shri Prakash Baliarsingh - RBI Nominee Director
• Smt. Priti Jay Rao - Shareholder Director
• Mr. Prakash Chandra Kandpal - Shareholder Director

See also

• Banking in India
• List of banks in India
• Reserve Bank of India
• Indian Financial System Code
• List of largest banks
• List of companies of India
• Make in India

External links

• Official website