Union Bank of India is one of largest state-owned banks in India. The bank has a strong network of 4298 branches as of 30 June 2018. The bank has 28 extension counters 60 satellite offices and 48 service branches as of 30 June 2018 in addition to its regular bank branches. Total number of ATMs stood at 12963 including 5407 micro ATMs & 3115 talking ATMs as of 30 June 2018. The bank also has international presence with 4 overseas branches at Hong Kong DIFC (Dubai) Antwerp (Belgium) and Sydney (Australia). In addition the bank has representative offices at Shanghai Beijing and Abu Dhabi. The bank also operates in United Kingdom through its wholly owned subsidiary Union Bank of India (UK) Ltd. Union Bank of India's portfolio of services include Retail Banking Corporate/Wholesale Banking Treasury Operations cash management services merchant banking depository services online trading in securities and clearing bank services.Union Bank of India was originally incorporated on November 11 1919 in Mumbai with the name The Union Bank of India Ltd. In the year 1921 the Bank shifted their registered office to Mumbai Samachar Marg Fort Mumbai which was inaugurated by Mahatma Gandhi. The Bank entered a growth phase in the 1960s and they aligned their activities in line with the national priorities.In July 19 1969 the Bank was nationalised and the name of the Bank was changed to 'Union Bank of India'. Pursuant to nationalization the Bank sponsored four regional rural banks in 1972. In the year 1975 Belgaum Bank Ltd a private sector bank was amalgamated with the Bank. In the year 2001 Staff Training College Bangalore the Bank's staff college acquired ISO 9001 certification. In the year 2002 the Bank undertook their initial public offer of equity shares and the equity shares were subsequently listed on the BSE and NSE. They introduced a new scheme called 'Union Express Remittance scheme' for providing service to NRI in West Asia. The Bank made a tie up with New India Insurance Company for market and distributed the products of New India Insurance Company on a commission basis. Also they made a tie up with two IT companies to develop core-banking solutions.In the year 2003 the Bank launched Core Banking Solution providing 'Anytime Anywhere Banking'. They launched 2 new schemes namely NRI Foreign Currency Loans and Domestic Resident Foreign currency accounts for the benefit of NRI and FCNR (B) customers. The Bank signed an agreement with Corporation Bank to share their Cash Management System infrastructure. Also they launched Union BillPay a convenient utility bill payment service for their customers in association with Billdesk.During the year 2004 the Bank opened the new representative offices at Dubai (UAE) & Doha (Qatar). They made a tie up with HDFC Standard Life for providing bank depositors an insurance cover under group policy with a target to bring in 50000 customers under risk cover. Also they entered into a banc assurance tie-up with the Export Credit Guarantee Corporation Ltd (ECGC) for marketing the latter's export credit insurance products.In April 7 2004 the Bank made an agreement with SBI Life Insurance Co Ltd to make available to the Bank's Home Loan borrowers' life insurance cover on group basis. They launched 'Union Miles Scheme' an exclusive two-wheeler finance scheme along with TVS Motor Company. They inaugurated their retail finance boutique at Ghatkopar (East) in Mumbai. During the year the Bank was one of seven new Indian entrants to the Forbes 2000 list of the world's biggest and most powerful companies.In the year 2005 the Bank launched Unioncard which is international credit card and international debit card in association with VISA. They commenced clearing bank operations with the NSE and BSE for settlement of funds and securities obligations under Cash and Future and Options Segments. Also they introduced Union White Card for dairy units. During the year 2004-05 the Bank opened 23 new branches 14 new Extension Counter and upgraded 23 Extension Counters into full-fledged branches. They made a tie up with Principal PNB Asset Management Company for distribution of their mutual fund schemes. Also a study by ASSOCHAM Eco Pulse identified the Bank as 'number one in terms of return to investors' among banking stocks during fiscal 2005.During the year 2005-06 the Bank opened 31 new branches 6 extension counters and upgraded 5 extension counters into full fledged branches. The Bank jointly with Dena Bank made a tie-up with Small Farmers Agri-business Consortium (SFAC). Also they made a tie-up with LIC to unveil group insurance.During the year 2006-07 the Bank opened 124 branches including upgradation of 9 extension counters mergers of 2 branches and conversion of one branch into Satellite Office. They launched the sale of gold coins of 99.99% purity in the denominations of 5 gm 8 gm and 10 gm at competitive rates. The Bank and Bank of India joined hands with Infrastructure Development Finance Company Ltd for loan syndication.During the year the Bank entered into a MoU with IL&FS Ltd to establish a platform for providing banking and custodial-cum-demat services to Foreign Institutional Investors investing in the Indian capital market. Also they entered into an MoU with Bank of India and Dai-Ichi Mutual Life Insurance Company a leading insurance company of Japan for floating a joint venture insurance company in India.During the year 2007-08 the Bank opened 155 branches which included upgradation of 18 extension counters. They used alternate delivery channels such as ATMs Internet Banking Tele-Banking/ SMS banking as important tools to optimize the customer satisfaction. Also they added 377 ATMs taking the ATM network to 1146 ATMs.During the year the Bank launched SMS Banking for providing various types of account information to customers through their mobile phones. In May 18 2007 they opened their first Representative Office at Shanghai Peoples Republic of China. In December 1 2007 they opened a representative office at Abu Dhabi UAE.During the year 2008-09 the Bank opened 197 branches that included up-gradation of 48 extension counters and installed 644 ATMs. In May 7 2008 the Bank opened their first full-fledged overseas branch in Hong Kong which carries out normal commercial banking operations like acceptance of Deposits Trade Finances ECB and Syndicated loans.During the year a State of the art 70-seater advanced call centre became operational at Technology Centre Powai (Mumbai). They launched new transaction products such as 'Prepaid Cards' (Gift and Power Pay cards) 'Online NEFT' for funds transfer through Internet Banking in addition to 'Online RTGS' thereby adding to the existing array of products to meet customer needs. During Financial Year 2008-2009 the Bank launched Wealth Management Services for HNI clients through two service providers. Wealth Advisors Pvt. Ltd. is the Service Provider for the clients from South & North of India and Edelweiss Securities is the service provider for HNI clients from West & East of India. Also they made a tie up with Emkay Securities for providing Online Trading Services to their valued clients.During the year 2009-10 the Bank opened 247 new branches & 536 ATMs taking the total to 2805 branches and 2327 ATMs. As part of their global expansion initiatives the Bank opened two representative offices at Sydney in Australia and Beijing in China. Also they opened one Currency Chest at Azamgarh during the year.During the year the Bank forayed into acquiring business and started merchant enrollments across the country for installation of Point of Sale (POS) terminals accepting both VISA and MasterCard cards. Their JV Mutual Fund company 'Union KBC Asset Management Company' received in-principle approval from SEBI and their product is likely to be launched during the financial year 2010-11. In April 1 2010 the Bank opened a representative office in London. Also they received approval from RBI for opening of branches at Shanghai (China) and Antwerp (Belgium) and representative offices at Johannesburg (South Africa) and Toronto (Canada).During the year 2010-11 the Bank opened 211 branches taking the total number of domestic branches to 3015 branches. Also they opened a branch in Hong Kong. The Bank added 307 automated teller machines to their network and issued more than 1.65 million debit cards.During the year the Bank received approval from the Reserve Bank of India for converting the representative office at Sydney into a branch and the representative office in London (UK) into a subsidiary. Also the bank has approvals for opening a branch in Antwerp (Belgium) and representative offices at Johannesburg (South Africa) and Toronto (Canada).On 3 January 2011 Union Bank of India announced that it has crossed a total global business of Rs 3.2 lakh crore as at the end of December 2010 registering a growth of 24.45%.The Board of Directors of Union Bank of India at its meeting held on 5 March 2011 approved the issuance of up to 3.08 crore Equity Shares of face value of Rs. 10/- each at a premium of Rs. 344.94 aggregating up to Rs. 1096/- crore to Government of India on preferential basis. On 28 March 2011 Union Bank of India informed the stock exchanges that Securities and Exchange Board of India (Sebi) has issued Certificate of Registration to the subsidiary of Union Bank of India Union KBC Mutual Fund on 23 March 2011. Sebi has also granted its approval to the subsidiary of the bank Union KBC Asset Management Company Private Limited to act as the Asset Management Company to Union KBC Mutual Fund.On 31 March 2012 Union Bank of India informed the stock exchanges that the bank after receipt of an amount of Rs. 650.30 crore from Life Insurance Corporation of India has allotted 2.62 crore Equity Shares of the face value of Rs. 10/- each at a premium of Rs. 238.05 to Life Insurance Corporation of India on preferential basis. On 22 April 2014 Union Bank of India acting through its Hong Kong branch successfully priced a USD 350 million Reg S senior unsecured notes drawdown from its USD 2 billion Medium-Term Note Program. Consequent to the receipt of capital funds from Government of India to the tune of Rs 1080 crore Union Bank of India on 30 September 2015 issued and allotted 5.16 crore equity shares at an issue price of Rs 209.05 per equity share on preferential basis to Government of India.On 20 September 2016 Union Bank of India completed the acquisition of 49% shareholding of Union KBC Asset Management Company Private Limited and Union KBC Trustee Company Private Limited from KBC Participations Renta S.A. and its affiliates. As a result of the aforesaid acquisition Union KBC Asset Management Company Private Limited and Union KBC Trustee Company Private Limited have become wholly owned subsidiaries of the bank. On 23 March 2017 Union Bank of India informed the stock exchanges that the bank has sold its entire stake of 5% (12.5 lakh shares) in TransUnion CIBIL Limited to TransUnion International Inc. (TUI). The deal was concluded on 22 March 2017 at the rate of Rs 1525 per share for a total consideration of Rs 190.62 crore. On 4 August 2017 Union Bank of India issued and allotted 3.89 crore shares at issue price of Rs 138.76 per share on preferential basis to Government of India. On 14 December 2017 Union Bank of India announced that the offer of QIP was oversubscribed and the bank has issued 12.93 crore shares aggregating to Rs 2000 crore to Qualified Institutional Buyers. The shares were allotted on 14 December 2017. The investors include Asset Management Companies Insurance Companies and Foreign Intuitional Investors. The amount raised shall augment the capital adequacy and help in business expansion of the bank.On 15 February 2018 Union Bank of India clarified to the stock exchanges that the bank through its foreign branches has been taking exposure with Punjab National Bank (PNB) as counter party under various Letters of Undertakings (LoU) issued through authenticated SWIFT message. The bank has also purchased some Buyers' Credit assets from Axis Bank through Risk Participation as a part of normal international business practice. The outstanding exposure related to the incident is approximately USD 300 million and the bank is fully secured by LoU/LC/other documents and fully confident to receive the payment. On 31 January 2018 Union Bank of India informed the stock exchanges that the bank has sold its entire stake of 10% (1.4 crore unlisted equity shares) in Experian Credit Information Company of India Private Limited on 30 January 2018.On 27 March 2018 Union Bank of India issued and allotted 31.28 crore equity shares at issue price of Rs 144.62 per share on preferential basis to Government of India. On 18 May 2018 Union Bank of India announced that Dai-Ichi Life Holdings Inc. Japan has invested in Union Asset Management Company Private Limited through Compulsory Convertible Preference Shares (CCPS) on 17 May 2018 after obtaining requisite regulatory approvals. Through this investment Dai-Ichi Life Holdings Inc. holds 39.62% share capital in Union AMC and consequently Union AMC is now co-sponsored by Union Bank of India and Dai-Ichi Life Holdings Inc. Japan. As per investment and CCPS subscription agreements Dai-Ichi Life Holdings Inc. will have an option to convert the CCPS into equity after certain fixed period.