UBI to open branches in Hong Kong, Muscat, Doha

{image-union bank of india-logo_05042008.jpg news.oneindia.in}New Delhi, Apr 5: Union Bank of India (UBI) has worked out plans for overseas expansion, including opening its first ever branch abroad in Hong Kong by this May and two other branches in the Gulf region soon. "The branch in Hong Kong will become operatonal by May this year," UBI General Mangaer(North) S C Sinha told a news conference here.

Mr Sinha said all licensing clearences, both domestic and abroad, for the proposed Hong Kong branch have been received. He said the small hitch that remains relates to getting permission from the Hong Kong Authorities of the name of the Branch Manager to be deputed in that country. He said this would also not be a problem and the branch will become operative by this quarter.

Mr Sinha said the Union Bank of India has two representative offices in Abu Dhabi and Shanghai. It does not have a full fledged branch in any country.

The banker said plans are afoot for opening branches in Muscat and Doha. "This will be done soon," he said.

Mr Sinha said the Hong Kong branch will be of a retail nature and will garner business from both the locals and Indians in Hong Kong.

He said in the 1970's the Bank had a branch in London but for some reasons it had to be closed down.

Overseas expansion of the Bank was related to the aggressive strategy adopted by the UBI for positioning itself as a front ranking Bank among the Public Sector Banks(PSBs), Mr sinha added.

Mr Sinha, however, conceded that the UBI had been slow in undertaking overseas ventures, given its size and positioning among the PSBs. This may not be the case in future.

UNI