UBI to open branches in Hong Kong, Doha

Chennai, May 21: Public sector Union Bank of India (UBI) has obtained Reserve Bank of India approval to open new branches in Hong Kong and Doha and proposed to open another branch in Singapore.

Bank General Manager P Y Nagar told newspersons here today that they have also got approval from the RBI for setting up the bank's representative office in Beijing and Guangdong in China.

He said the bank had opened its first representative office in Shanghai in China on May 18. The Representative Office would primarily carry out liaison function to facilitate trade and business opportunities between India and China. It would provide consultation and offer market information services to Chinese industrialists and entrepreneurs, aiming to establish their businesses in India and vice versa.

Mr Nagar said the bank registered a total business of Rs 1,48,838 crore with a growth of 15.61 per cent in 2006-07. The core deposits, consisting of Term Deposits at card rate, Savings Bank and Current Deposits, registered a growth of 20 per cent, agri loan book recorded a significant growth of 30.67 per cent and SME sector 35.06 per cent.

Retail trade advances of the bank grew by 24.33 per cent and their thrust on Priority Sector Advances showed sustained growth momentum and constituted 43.87 per cent of the Net Bank Credit, he added.

UNI