Union Bank of India was established in November 1919. It has the distinction of being inaugurated by Mahatma Gandhi.
It was also nationalized in 1969 by the Government of India and the government has ownership of 63.44% of the share capital of the bank. Union Bank of India became an associate member of Alliance for Financial Inclusion in May 2009.
Headquartered in Mumbai, Bank has 4100 branches. It has 4 overseas branches also. Union Bank has a network of 6909 ATMs.
Arun Tiwari serves as the Chairman and Managing Director of the bank. A total of 36377 people work for the bank. The bank has four main businesses - Treasury Operations, Retail Banking Operations, Corporate Wholesale Banking and Other Banking Operations.
After dismal performance of the bank in the fourth quarter of the financial year, shares of the bank declined by 6%. The net non-performing assets of the bank saw an increment to 5.25%. Union Bank of India had a revenue of Rs. 28043.09 crore in latest financial year (2015-16). Its loss stood at Rs. 3664.81 crore. It has total market capitalization of Rs. 13866.15 crore. There was an increase in the gross bad loans of the bank to 8.7%. Due to continuously decreasing asset quality, In December 2015, Moody lowered the bank's baseline credit assessment (BCA) to ‘ba3’ to ‘ba2’.