Union Bank's regional office to come up in TN Dist

Coimbatore, Apr 25 (UNI) Union Bank of India (UBI)Chairman and Managing Director M V Nair today said the bank had planned to establish its fourth regional office in the state at Salem shortly.

Talking to newspersons here, Mr Nair said the bank had opened 125 branches and was planning to establish 151 more in the present fiscal.

The bank's involvement in financing all sectors in the state was substantial with the credit deposit ratio standing at 131 per cent due to more industries in the state.

Mr Nair said 82 branches of the total of 139 were situated in rural and semi-urban areas in the state. The bank had 13 unique village knowledge centres in the state where technology was used to empower the local population.

The bank planned to bring all its branches under the core banking network in the year 2007-08. It's first bio-metric ATM was established at its Sivagangai Branch in Tamil Nadu.

This would help even illiterate farmers to withdraw money. The bank will be opening its representative office at Shanghai shortly.

Permission was also sought to open a branch in Dubai.

Mr Nair said the bank had registered Rs 1.80 lakh crore total business in the present fiscal from last year's Rs 1.48 lakh crore.

UNI