Union Bank of India

Union Bank of India (UBI) is one of India's largest state-run banks and is also listed on the Forbes 2000. It was inaugurated by Mahatama Gandhi and the Bank commenced its operations in 1920. It is one of the first public sector banks to have adopted information technology effectively and responded aggressively to changing market conditions in the 1990s.

UBI got listed on stock exchanges with an IPO on August 20, 2002 and came out with a follow-on offer in February 2006. UBI has 50.5 crore shares of Rs 10 face value issued, totaling a share capital of Rs 505 crore as on March, 2007. Government of India now holds about 55.43% equity in the bank.

Union Bank of India has assets worth Rs 102,677 crore, advances of Rs 63,658 crore and deposits of Rs 85180 crore as on March 2007. The bank reported a net profit of Rs 845 crore on income of Rs 8068.72 crore for the same year.

The Bank has built a sizeable market share in each of the chosen areas of business through aggressive pricing, product packaging and marketing.

More than 950 branches/extension counters of UBI has implemented core banking solution, where the branches are networked to each other. The bank has 659 ATMs, with online telebanking facility. Union Bank of India is also very active in retail credit with aggressive presence in home loans, car loans, personal loans, education loans, loan against property and credit cards.