Union Bank of India will open its first-ever overseas branch at the earliest, said M V Nair, the newly appointed chairman and managing director of the bank. | |
| Nair told journalists here that the bank would open two branches abroad, at Hong Kong and Doha, as the Reserve Bank of India had already given approval to the bank. |
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| As part of expansion of the bank's global operations it will also open representative offices in Shanghai and Dubai. Nair said the bank since necessary clearances were awaited from the nations concerned, the exact date of opening of the branches could not be announced. |
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| "We hope that we will get the permission soon. I will meet officials in Doha and hope that we can start branches as soon as possible," Nair added. |
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| He said that as on 31st March 2006, the total business of Union Bank had crossed Rs 125,000 crore and expected to be the fourth largest bank in the country, in terms of business. |
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| He has set the three areas of focus during the current fiscal would be: increase rural credit inflow, growth in retail financing and SME financing. The bank has attained an overall growth rate of 35 per cent in agriculture credit and retail lending. |
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| As part of widening of rural operations, bank had already opened 101 village knowledge centres attached with branches to disseminate information to farmers on weather, price of inputs and agricultural produce, cultivation, and employment opportunities. |
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