Union Bank to ramp up branch network

Union Bank of India would open 500 branches this fiscal across India apart from a representative office in Sydney by September, said bank chairman and managing director MV Nair.

Of this, 30 would come up in Punjab. The bank currently has 2,560 branches.

“Around 50 per cent of the branches would be in underbanked areas. Moreover, we are entering 90 new districts by opening these branches,” he said

On overseas expansion, he said, “We would be entering Australia by opening our rep office in Sydney.”

At present the bank has two overseas branches in Hong Kong and Doha and representative offices at Abu Dhabi and Shanghai. In near future, the bank also plans to open offices in UK, Belgium and Canada.

 

The bank registered a total business of Rs 236,000 crore and is confident of achieving 3 lakh crore by March 2010.