Union Bank to open 400 branches by this fiscal

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Kolkata, Apr 4 (UNI) Union Bank of India with total business of Rs 1,80,516 crore as on last fiscal, registering a growth of 21.28 per cent over the previous year, has planned to expand its network by opening 400 new branches across the country.

Bank's General Manager S L Bansal while announcing "Reverse Mortgage Scheme" for senior citizens today, said the Bank's 2,516 outlets have been linked under the Core Banking System resulting in steady growth across the country.

However, the growth in east zone was 32.77 per cent, more than ten per cent of national growth (22.41 %), and West Bengal took a giant leap with 38.68 per cent in last fiscal.

Of the 400 new brances West Bengal will have 60 outlets, Mr Bansal said.

The Bank was in the process of opening its first overseas branch in Hong Kong shortly, launcing of Union M-Pay(transfer of funds thorough mobile phone) by this month and Centralised back Office processing to be completed at 20 centres by June providing superior customer service.

With total business of Rs 1,80,516 crore, the deposits of the Bank stood at Rs 1,04,272 crore with a growth rate of 22.41 per cent over March 2007 while advances were Rs 76,244 crore as on March 2008 with a growth rate of 19.77 per cent.


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