This article deals with everything about the Union Bank of India Headquarters, History, MD and CEO, interest rate, Logo, etc.
History of Union Bank of India
- Union Bank of India (UBI) was registered on 11 November 1919 as a limited company in Mumbai (Maharashtra) and was inaugurated by the father of the nation, Mahatma Gandhi.
- UBI had only four branches at the time of India's Independence. Among these 3 were in the Mumbai and 1 is Sourashtra.
- UBI was Nationalized in 1969 by the Government of India.
- After the nationalization, the UBI merged with the Belgaum Bank, a private sector bank.
- In 1985, UBI merged with Miraj State Bank and in 1999, on request of RBI UBI acquire the Sikkim Bank.
UBI Board Of Directors
Union Bank of India has one MD and CEO who is the head of the Board of Directors and 4 Executive Directors.
Board of Directors
MD and CEO
Shri Rajkiran Rai
Shri Gopal Singh Gusain
Shri Nitesh Ranjan
Shri Dinesh Kumar Garg
Shri Manas Ranjan Biswal
Union Bank of India Headquarters
Field General Manager Offices
Joint Ventures/Subsidiaries of UBI
Star Union Dai-Ichi Life Insurance Co. Ltd.
Union Asset Management Co. Pvt. Ltd.
Union trustee Co. Pvt. Limited
Union Bank of India (UK) Ltd
Chaitanya Godavari Grameen Bank
Corpbank Securities Limited
Logo & Tagline of Union Bank of India:
- The new logo of UBI has the letters ‘U’ in an interlock and is termed as the Union Bank interlock. The symbol weaves around the word ‘Union’ from its name and symbolizes integrity, strength, and partnership.
(Picture Credit - UBI)
Logo of merged entity:
(Picture Credit - UBI)
- The tagline of UBI: ‘Good People to Bank with'.
Current Interest Rates: w.e.f. - 31/03/2020
Saving Bank Account
Merger of Bank
- With effect from 1 April 2020, the amalgamation of Andhra Bank and Corporation Bank into the Union Bank of India is completed by the central government under section 9 of Banking Companies Act, 1970/80.
- This amalgamation is approved by the central government after consultation with the apex bank of India, i.e., the Reserve Bank of India.
- After the merger of Union Bank of India, Andhra Bank and Corporation Bank become the fifth-largest bank in India with an asset size of ₹14.59 lakh crore (US$200 billion) and 9,609 branches.
- Union Bank of India, Andhra Bank, and Corporation Bank insisted on the 'best of three approaches'.
- This means that they would manage cultural integration of the three in the amalgamation, as the merged entity targets handling double the volume of the combined current.
Interesting Facts About Union Bank of India:
- UBI began its international development in 2007 with the opening of representative offices in Abu Dhabi, United Arab Emirates, and Shanghai, China.
- In 2008, UBI established a branch in Hong Kong. This is the first branch of UBI that is outside India.
- UBI opened a representative office in Sydney, Australia in 2009.
- Union Bank of India is a member of the World Economic Forum community.
- UBI has a total of 8 overseas branches.
- 100% of the business of the UBI is under Core Banking Solution making it a leading bank among its peers in the infusion of technology.
Recent News about UBI
- Moody's has downgraded long-term local and foreign currency deposit ratings of BOB, BOI, Canara Bank, and United Bank of India to Ba1 from Baa3 and their Baseline Credit Assessments (BCAs) to ba1 from ba3. The outlook on the ratings of the four banks is negative.
- Union Bank of India has nominated A K Vinod as its chief compliance officer, in place of K L Raju.
Also, Read Similar interesting facts about all the Public Sector Banks of India.
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