Union Bank of India

{{Infobox company

| name = Union Bank of India

| logo = Union Bank of India Logo.svg

| logo_size = 250px

| logo_alt =

| logo_caption =

| image =

| image_size =

| image_alt =

| image_caption =

| former_name = The Union Bank of India Ltd. (1919–1969)

| type = Public

| traded_as = {{ubl|{{BSE|532477}}|{{NSE|UNIONBANK}}}}

| ISIN = {{ISIN|sl=n|pl=y|INE692A01016}}

| industry = {{ubl|Banking|Financial services}}

| founded = {{Start date and age|df=y|1919|11|11}}

| founder = Sardar Shashisekhar Singh Bhumihar

Seth Sitaram Poddar

| hq_location = Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point

| hq_location_city = Mumbai, Maharashtra

| hq_location_country = India{{cite web |title=Central Office |url=https://www.unionbankofindia.co.in/english/central-office.aspx |website=Union Bank of India |access-date=21 October 2021}}

| num_locations = 8,574 branches
9,087 ATMs{{cite web |title=Annual Report 2024-25 |url=https://www.unionbankofindia.co.in/pdf/Final-Press-Release-Q3FY25-English.pdf|website=Union Bank of India |access-date=27 Jan 2025}}

| num_locations_year = Dec 2024

| area_served =

| key_people = {{ubl|Srinivasan Varadarajan
{{small|(Non-Exe Chairman)}}| A. Manimekhalai
{{small|(Managing Director & CEO){{cite web |title=List of Directors |url=https://www.unionbankofindia.co.in/english/aboutus-profile-nonexecutive.aspx |website=Union Bank of India |access-date=21 October 2021}}}}}}

| products =

| brands =

| services = Consumer banking, Corporate banking, Financial services, Investment banking, Mortgage loans, Private banking, Wealth management

| revenue = {{increase}} {{INRConvert|97078.50|c}}

| revenue_year = FY23

| operating_income = {{increase}} {{INRConvert|25250.20|c}}

| income_year = FY23

| profit = {{increase}} {{INRConvert|8511.70|c}}

| profit_year = FY23

| assets = {{increase}} {{INRConvert|1288357.10|c}}

| assets_year = FY23

| equity = {{increase}} {{INRConvert|78803.50|c}}{{cite web|url=https://www.moneycontrol.com/india/stockpricequote/bankspublicsector/unionbankindia/UBI01|title=Union Bank of India Ltd. Financial Statements |website=moneycontrol.com |last1=Com |first1=Moneycontrol }}

| equity_year = FY23

| owner = Government of India (83.49) %

| num_employees = 75,866

| num_employees_year = FY24

| divisions =

| subsid =

| ratio = 16.72% (Dec 2024){{cite web |title=Annual Report 2024-25 |url=https://www.unionbankofindia.co.in/pdf/Final-Press-Release-Q3FY25-English.pdf|website=Union Bank of India |access-date=27 Jan 2025}}

| rating =

| website = {{official URL}}

}}

Union Bank of India is an Indian public sector bank headquartered in Mumbai. It has 153+ million customers and a total business of Rs.21,65,726 crores as of 31 December 2024.{{Cite web |date=2023-10-27 |title=Financial Results for the Quarter ended September 30, 2023 – Union Bank |url=https://www.unionbankofindia.co.in/pdf/press%20release%20english%20q2fy24.pdf |access-date=2024-01-20 |website=Union Bank of India |publication-place=Mumbai}} After the merging with Corporation Bank and Andhra Bank, which came into effect on 1 April 2020, the merged entity became one of the largest PSU banks in terms of branch network with around 9300+ 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). The bank has a network of 9300+ domestic branches, 10000+ ATMs, and 18000+ Business Correspondent Points serving over 153 million customers with 76,700+ employees.{{Cite web|title=Profile {{!}} Union Bank of India|url=https://www.unionbankofindia.co.in/english/aboutus-profile.aspx|access-date=2021-10-22|website=unionbankofindia.co.in}}

History

File:Union Bank of India 2018 stamp.jpg

Union Bank of India was established on 11 November 1919 in Bombay (now Mumbai) by Seth Sitaram Poddar.{{cite web |title=Profile |url=https://www.unionbankofindia.co.in/english/aboutus-profile.aspx |website=Union Bank of India |access-date=21 October 2021}} The bank's corporate 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.{{cite news|date=13 November 2018|title=Union Bank of India turns 100|work=The Hindu BusinessLine|url=https://www.thehindubusinessline.com/money-and-banking/union-bank-of-india-turns-100/article25487418.ece|access-date=10 June 2021}} 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. In 1999, UBI acquired Sikkim Bank with its eight branches.

UBI expanded internationally in 2007 with the opening of offices in Abu Dhabi, United Arab Emirates and in Shanghai, China.{{cite news|date=13 September 2007|title=Union Bank of India furthers China presence|work=The Economic Times|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/union-bank-of-india-furthers-china-presence/articleshow/2364142.cms|access-date=10 June 2021}} In 2008, it established a branch in Hong Kong.{{Cite news|date=2 August 2008|title=Union Bank open Hong Kong branch|work=Business Standard|url=https://www.business-standard.com/article/finance/union-bank-open-hong-kong-branch-108080200015_1.html|access-date=10 June 2021}} In 2009, Union Bank opened a representative office in Sydney, Australia.{{cite news |title=Union Bank of India to open three overseas branches this fiscal |url=https://economictimes.indiatimes.com/industry/banking/finance/banking/union-bank-of-india-to-open-three-overseas-branches-this-fiscal/articleshow/14743581.cms}}{{Citation needed|date=June 2021}}

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 {{INRConvert|14.59|lc}} and 9,609 branches.{{Cite web|agency=PTI|date=Aug 30, 2019|title=Bank Merger News: Government unveils mega bank mergers to revive growth from 5-year low {{!}} India Business News |url=https://timesofindia.indiatimes.com/business/india-business/government-unveils-mega-bank-mergers-to-revive-growth-from-5-year-low/articleshow/70911359.cms|access-date=2021-10-22|website=The Times of India|language=en}}{{cite web |author= |title=10 public sector banks to be merged into four |url=https://www.livemint.com/news/india/pnb-obc-and-united-bank-to-be-merged-nirmala-sitharaman-1567158678718.html |website=Mint |access-date=30 August 2019 |language=en |date=30 August 2019}} The Board of Directors of Andhra Bank approved the merger on 13 September.{{cite web |title=Andhra Bank board okays merger with UBI |url=https://www.thehindu.com/business/andhra-bank-board-okays-merger-with-ubi/article29411194.ece |website=The Hindu |access-date=13 September 2019 |language=en-IN |date=13 September 2019}}{{cite web |title=Andhra Bank board okays merger with Union Bank of India |url=https://economictimes.indiatimes.com/industry/banking/finance/banking/andhra-bank-board-okays-merger-with-union-bank-of-india/articleshow/71117490.cms |website=The Economic Times |access-date=13 September 2019 |date=13 September 2019}} The Union Cabinet approved the merger on 4 March, and it was completed on 1 April 2020.{{cite web |last1=Ghosh |first1=Shayan |title=Three banks announce merger ratios |url=https://www.livemint.com/market/stock-market-news/two-anchor-banks-pnb-union-bank-of-india-disclose-merger-ratios-11583413469591.html |website=Livemint |access-date=6 March 2020 |language=en |date=5 March 2020}}