The history of Union Bank of India dates back to November 11, 1919 when it was established with its headquarters in Mumbai, Maharashtra.
The bank was inaugurated in the year 1921 by the Father of our nation, Mahatma Gandhi. At the time when India got independent in 1947 the bank had only 4 four branches with three in Mumbai itself and the fourth in Saurashtra. Soon after India’s Independence UBI accelerated its expansion and grew to 240 branches in 28 states in 1969 when the government nationalized it. Shortly after the nationalization of UBI, it merged in Belgaum Bank, a private sector bank. Later in 1985 it merged in Miraj State Bank. Today UBI operates through more than 4000 branches across the country with a large clientele base of over 49 million and a team of about 31,000 staff members. The bank has kept pace with technology and has all of its branches computerized. It has also introduced the Core Banking Solution and all of the business of the bank is under it.
With 60.13% of its share capital owned by the government it is one of the largest government owned banks of the country. In 2007 the Union bank of India stated expanding internationally. Representative offices were opened in Abu Dhabi, United Arab Emirates and Shanghai. It also established its first branch outside India in Hong Kong in 2008. Another representative office was opened in Sydney, Australia in the year 2009. Presently the offshore operations of the bank are carried through the Hong Kong branch as well as the newly opened branch in Dubai at Dubai International Financial Centre.
The UBI has also ventured into the Mutual Fund Product Market by tying up with KBC, Belgium and set up a joint venture- Union KBC Asset Management Company Ltd.