Union Bank eyeing for top three position by 2012

Chennai, Sept 1 (UNI) The public sector Union Bank of India is eyeing a top three position by 2012 with a phased growth over the next four years.

Talking to newspersons here today after launching the new logo and re-branding its corporate identity, Bank General Manager P V Nagar and DGM M P Varghese said the journey of the new logo has been the Bank's vision to make it a global bank and place it in the top league by 2012.

''We have set ourselves a target of becoming the third among all banks in 2012'', they added.

To achieve this, the bank has fixed itself a higher growth target from 35 per cent for the current fiscal, though the peer banks were growing at 20 to 24 per cent on deposits and advances.

The Bank was at present ranked fifth among all banks, a significant jump from the eighth position in 1991, when the reform process were initiated by the Union Government.

Observing that all economic parameters would be taken into while fixing the annual growth target, Mr Nagar said the bank had already exceeded its target fixed for September and was confident of reaching the 35 per cent growth for the current year.

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