UBI opens representative office in China

Kochi, May 21 (UNI) In a bid to extend its reach abroad, Union Bank of India has opened its first representative office at Shanghai in China.

Speaking to reporters here today, Deputy General Manager V I Mathew said the office would primarily carry out liaison work to facilitate trade and business opportunities between India and China.

The office was inaugurated on May 18.

"The office will be a point to provide consultation and offer market information services to Chinese industrialists and entrepreneurs aiming to establish their business in India and vice versa," Mr Mathew said.

Besides, the office would also work towards developing correspondent relationships with banks in China.

He said the Bank had received approval from Reserve Bank of India for opening branches in Hong Kong and Doha and representative offcies at Beijing and Guangdong in China and in the UAE.

On the financial results of the year ended 2006-07, Mr Mathew said the Bank recorded a robust growth of 25.19 per cent at Rs 845 crore.

The operating profit for the year was Rs 2,001 crore as against Rs 1,466, crore the previous year registering a growth of 36.49 per cent.

The total business grew by 15.61 percent at Rs 1,48,838 crore.

Mr Mathew said the Bank was aiming to reach a business mix of Rs 1,85,000 crore this fiscal, out of which Rs 1,05,000 crore would be deposited and Rs 8 0,000 crore advances.

The Bank would open 125 branches and 500 ATMs across the country to expand its customer base this fiscal, he said.

UNI