UBI goes global, opens first branch in Shanghai

New Delhi, May 21 (UNI) The Union Bank of India(UBI) has drawn up plans to become global with the first step being the opening up of its first overseas Representative Office in Shanghai recently, it was announced here today.

''The Representative Office will primarily carry out a liaison function that will facilitiate trade and business opportunities between India and the People's Republic of China,'' UBI's Field General Manager (North Zone) S C Sinha said.

The Bank has also received approval from the RBI for opening branches at Hong Kong and Doha and Representative Offices at Beijing and Gungdong in the People's Republic of China.

Most of the UBI offices abroad will primarily cater to the Indian community overseas and the growing trade and investments with these countries.

Describing the opening of the Representative Office as a major step in establishing the UBI's presence abroad, Mr Sinha said the Shanghai office will be a point to provide consultation and offer market information services to Chinese industrialists and entrepreneurs aiming at establishing their business in India and vice versa.

The Bank will work towards developing correspondent relationships with Banks in China. It will also offer information support to Chinese business entrepreneurs to set up business relationships with Indian counterparts.

The Representative Office was inaugurated on May 18 by Consul General of India at Shanghai Vishnu Prakash in the presence of thge bank's CMD M V Nair.

Mr Sinha said by September 2007 the branches at Doha and Hong Kong will become operational as the process of approval from local authorities was in the final stages.

Asked why it took so long for the UBI to enter foreign markets even though it was one of the largest Banks, Mr Sinha did not give direct reply but stated that the process started just two years ago.

UNI