Union Bank of India Share Price

Union Bank of India is a prominent public sector bank that offers a comprehensive range of banking and financial services. Established in 1919, the bank has a rich history spanning over a century. It operates in the Banking and Financial Services sector and is headquartered in Mumbai, Maharashtra, India.

The bank provides various services, including personal, corporate, international, and treasury operations. Its main products include savings and current accounts. It also includes loans (personal, home, vehicle, education) and credit and debit cards. The bank provides investment services, insurance products, and digital banking services. These offerings cater to a diverse customer base. It is ensuring that Union Bank of India meets the financial needs of individuals and businesses alike.

The Government of India is the main promoter of the Union Bank of India, holding 74.76% of the shares. This significant government backing underscores the bank’s stability and reliability. Union Bank of India is recognized as one of the largest government-owned banks in the country.

Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai - 400021, Maharashtra, India is the address of Union Bank of India's registered office. A. Manimekhalai, the Managing Director & CEO, lead the bank’s management.
Here are the primary promoters:

• Srinivasan Varadarajan
• A Manimekhalai
• S Ramasubramanian
• Nitesh Ranjan
• Sanjay Rudra

The bank has a strong foundation, extensive network, and a commitment to customer satisfaction. Union Bank of India continues to play a vital role in the Indian banking sector. It is providing reliable and innovative financial solutions to its customers.

Bank History

Union Bank of India is one of India's oldest and most prominent public sector banks. It has a rich history that dates back to its establishment on November 11, 1919. The bank was founded by Seth Sitaram Poddar in Bombay (now Mumbai). Mahatma Gandhi had inaugurated the corporate office of this bank. That was the first milestone on its way to growth.

Early Years and Growth
India has just gained independence in 1947. The Union Bank of India had opened four branches at that time. The Mumbai location had three branches and Saurashtra had one branch. The bank’s early years were characterized by steady growth and expansion. It focuses on serving the needs of trade centres and local communities. In 1969, the Indian government nationalized the bank. Union Bank of India has expanded its network to 240 branches.

Acquisitions and Expansion
The 1970s and 1980s were pivotal decades for the Union Bank of India. It embarked on a series of strategic acquisitions to strengthen its position in the banking sector. In 1975, the bank acquired Belgaum Bank, a private sector bank established in 1930. This acquisition was followed by the merger of Miraj State Bank in 1985, which had been established in 1929. These acquisitions expanded Union Bank’s branch network. This also enhanced its customer base and service capabilities.

In 1999, Union Bank of India further expanded its reach by acquiring Sikkim Bank, which had eight branches. This move was part of the bank’s strategy to increase its footprint in the northeastern region of India.

Technological Advancements
Union Bank of India has always been at the forefront of adopting new technologies to improve its services. It was India’s first large public sector bank to implement a 100% core banking solution. It is ensuring seamless and efficient banking operations across its extensive network. This technological advancement has enabled the bank to offer a wide range of digital banking services. It enhances customer convenience and satisfaction.

International Presence
In its quest to become a global banking institution, Union Bank of India expanded its operations internationally. The bank opened offices in Abu Dhabi, United Arab Emirates, and Shanghai, China, in 2007. This was followed by the establishment of a branch in Hong Kong in 2008 and a representative office in Sydney, Australia, in 2009. These international branches and offices have helped Union Bank of India. It could cater to the banking needs of the Indian diaspora and international clients.

Merger and Consolidation
The merger with Andhra Bank and Corporation Bank was a significant milestone in the bank’s history. This came into effect on April 1, 2020. This merger created one of the largest public sector banks in India. It increased its branch network and customer base. The merged entity now operates over 8,400 domestic branches and 9,200 ATMs. It has 21,000 Business Correspondent Points, serving more than a million customers.

Current Status and Achievements
Today, Union Bank of India is a leading public sector bank with a strong presence across all states and union territories in India. The bank has also received numerous awards and recognition for its technology and digital banking excellence. It has financial inclusion, MSME support, and human resource development expertise.

Union Bank of India’s journey started from a modest bank with four branches. It is now one of the largest public sector banks in India. This is a testament to its resilience, strategic vision, and commitment to customer service. Union Bank of India remains dedicated to its mission of fostering economic growth and financial inclusion, both domestically and internationally.