Union Bank of India has opened its first branch in Hong Kong, targeting business in wholessale banking, loan syndication,trade finance and other trade related businesses and retail banking.
The overseas branch at Hong Kong and the representative office in Shanghai would enable the Bank to explore opportunities from the growing Indo-Chinese trade relations, said MV Nair, chairman and managing director of Union Bank of India.
The bank is exploring possibilities of opening branches in geographies such as Africa, Asia, Europe, North America and Oceania. To finance the rapidly growing trade between India and China, Hong Kong is the natural choice with its infrastructure,well developed financial market with the presence of world leading players, said a press release.
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