Union bank to open 14 new branches in Chandigarh, Haryana, HP

Public sector lender Union Bank of India plans to expand its presence in north by opening 14 more branches this fiscal, besides targeting to attain total business of Rs 3,900 crore from Chandigarh circle in 2008-09.    

"As part of our strategy to expand in this region, we will open 14 more branches in rural and semi rural areas of Chandigarh, Himachal Pradesh (HP) and Haryana this year," Union Bank of India's Deputy General Manager A K Thakur said here today.      

The bank has plans to open 2 new branches in Chandigarh, 9 in HP  and 3 in Haryana.      Bank's regional office looks after Chandigarh UT, Himachal Pradesh and five districts including Ambala, Hissar, Sirsa, Fatehabad and Panchkula of Haryana, with total branch strength of 37.   

Aiming to grow by 40 per cent in this year, the bank has set a target to achieve total business of Rs 3,915 crore against Rs 2,859 crore achieved in 2007-08 by focusing on farm and trade sectors in this fiscal.

"We are targeting to attain deposits of Rs 2,505 crore and Rs 1,410 crore as advances in this year," he elaborated.    

So far bank has attained business of Rs 3,200 crore including Rs 1,213 crore as advances from this region, he said.    

In a bid to mobilise low cost deposits, the bank has decided to double the number of saving and current accounts from this region.

"We have plans to add 25,000 new customers of saving and current accounts. Presently, it has 25000 such accounts operating in its branches," he informed.