Union Bank of India is one of largest state-owned banks in India. The Bank is a listed entity and the Government of India holds 74.76% in Bank's Total Share Capital. The Bank has international presence with 3 overseas branches at Hong Kong, DIFC (Dubai) and Sydney (Australia). In addition, it has representative offices at Shanghai, Beijing and Abu Dhabi. It operate in United Kingdom through its wholly owned subsidiary, Union Bank of India (UK) Ltd.
Union Bank of India's portfolio of services include Retail Banking, Corporate/Wholesale Banking, Treasury Operations, Cash Management Services, Merchant Banking, Depository Services, Online Trading in Securities and Clearing Bank Services.
Union Bank of India was originally incorporated on November 11, 1919 in Mumbai with the name 'The Union Bank of India Ltd.' It was promoted by Seth Sitaram Poddar. In the year 1921, the Bank shifted their registered office to Mumbai Samachar Marg, Fort, Mumbai, which was inaugurated by Mahatma Gandhi. The Bank got into growth phase in the 1960's and they aligned their activities in line with the national priorities.
In July 19, 1969, the Bank was nationalised and the name of the Bank was changed to 'Union Bank of India'. Pursuant to nationalization, the Bank sponsored four regional rural banks in 1972. In the year 1975, Belgaum Bank Ltd, a private sector bank was amalgamated with the Bank.
In the year 2001, Staff Training College, Bangalore, the Bank's staff college acquired ISO 900 ...1 certification. In the year 2002, the Bank undertook their initial public offer of equity shares and the equity shares were subsequently listed on the BSE and NSE. They introduced a new scheme called 'Union Express Remittance scheme' for providing service to NRI in West Asia. The Bank made a tie up with New India Insurance Company for market and distributed the products of New India Insurance Company on a commission basis. Also, they made a tie up with two IT companies to develop core-banking solutions.
In the year 2003, the Bank launched Core Banking Solution providing 'Anytime Anywhere Banking'. They launched 2 new schemes, namely NRI Foreign Currency Loans and Domestic Resident Foreign currency accounts for the benefit of NRI and FCNR (B) customers. The Bank signed an agreement with Corporation Bank to share their Cash Management System infrastructure. Also, they launched Union BillPay, a convenient utility bill payment service for their customers in association with Billdesk.
During the year 2004, the Bank opened the new representative offices at Dubai (UAE) & Doha (Qatar). They made a tie up with HDFC Standard Life for providing bank depositors an insurance cover under group policy with a target to bring in 50,000 customers under risk cover. Also, they entered into a banc assurance tie-up with the Export Credit Guarantee Corporation Ltd (ECGC) for marketing the latter's export credit insurance products.
In April 7, 2004, the Bank made an agreement with SBI Life Insurance Co Ltd to make available to the Bank's Home Loan borrowers' life insurance cover on group basis. They launched 'Union Miles Scheme', an exclusive two-wheeler finance scheme along with TVS Motor Company. They inaugurated their retail finance boutique at Ghatkopar (East) in Mumbai. During the year, the Bank was one of seven new Indian entrants to the Forbes 2000 list of the world's biggest and most powerful companies.
In the year 2005, the Bank launched Unioncard, which is international credit card and international debit card in association with VISA. They commenced clearing bank operations with the NSE and BSE for settlement of funds and securities obligations under Cash and Future and Options Segments. Also, they introduced Union White Card for dairy units.
During the year 2004-05, the Bank opened 23 new branches, 14 new Extension Counter and upgraded 23 Extension Counters into full-fledged branches. They made a tie up with Principal PNB Asset Management Company for distribution of their mutual fund schemes. Also, a study by ASSOCHAM Eco Pulse identified the Bank as 'number one in terms of return to investors' among banking stocks during fiscal 2005.
During the year 2005-06, the Bank opened 31 new branches, 6 extension counters and upgraded 5 extension counters into full fledged branches. The Bank jointly with Dena Bank made a tie-up with Small Farmers Agri-business Consortium (SFAC). Also, they made a tie-up with LIC to unveil group insurance.
During the year 2006-07, the Bank opened 124 branches including upgradation of 9 extension counters, mergers of 2 branches and conversion of one branch into Satellite Office. They launched the sale of gold coins of 99.99% purity in the denominations of 5 gm, 8 gm and 10 gm at competitive rates. The Bank and Bank of India joined hands with Infrastructure Development Finance Company Ltd for loan syndication.
During the year, the Bank entered into a MoU with IL&FS Ltd to establish a platform for providing banking and custodial-cum-demat services to Foreign Institutional Investors investing in the Indian capital market. Also, they entered into an MoU with Bank of India and Dai-Ichi Mutual Life Insurance Company, a leading insurance company of Japan for floating a joint venture insurance company in India.
During the year 2007-08, the Bank opened 155 branches, which included upgradation of 18 extension counters. They used alternate delivery channels such as ATMs, Internet Banking, Tele-Banking/ SMS banking as important tools to optimize the customer satisfaction. Also, they added 377 ATMs, taking the ATM network to 1,146 ATMs.
During the year, the Bank launched SMS Banking for providing various types of account information to customers through their mobile phones. In May 18, 2007, they opened their first Representative Office at Shanghai, Peoples Republic of China. In December 1, 2007, they opened a representative office at Abu Dhabi, UAE.
During the year 2008-09, the Bank opened 197 branches that included up-gradation of 48 extension counters and installed 644 ATMs. In May 7, 2008, the Bank opened their first full-fledged overseas branch in Hong Kong, which carries out normal commercial banking operations like acceptance of Deposits, Trade Finances, ECB and Syndicated loans.
During the year, a State of the art 70-seater advanced call centre became operational at Technology Centre, Powai (Mumbai). They launched new transaction products such as 'Prepaid Cards' (Gift and Power Pay cards), 'Online NEFT' for funds transfer through Internet Banking in addition to 'Online RTGS', thereby adding to the existing array of products to meet customer needs.
During Financial Year 2008-2009, the Bank launched Wealth Management Services for HNI clients through two service providers. Wealth Advisors Pvt. Ltd. is the Service Provider for the clients from South & North of India and Edelweiss Securities is the service provider for HNI clients from West & East of India. Also, they made a tie up with Emkay Securities for providing Online Trading Services to their valued clients.
During the year 2009-10, the Bank opened 247 new branches & 536 ATMs taking the total to 2805 branches and 2327 ATMs. As part of their global expansion initiatives, the Bank opened two representative offices at Sydney in Australia and Beijing in China. Also, they opened one Currency Chest at Azamgarh during the year.
During the year, the Bank forayed into acquiring business and started merchant enrollments across the country for installation of Point of Sale (POS) terminals accepting both VISA and MasterCard cards. Their JV Mutual Fund company 'Union KBC Asset Management Company' received in-principle approval from SEBI and their product is likely to be launched during the financial year 2010-11.
In April 1, 2010, the Bank opened a representative office in London. Also, they received approval from RBI for opening of branches at Shanghai (China) and Antwerp (Belgium) and representative offices at Johannesburg (South Africa) and Toronto (Canada).
During the year 2010-11, the Bank opened 211 branches, taking the total number of domestic branches to 3,015 branches. Also, they opened a branch in Hong Kong. The Bank added 307 automated teller machines to their network and issued more than 1.65 million debit cards.
During the year, the Bank received approval from the Reserve Bank of India for converting the representative office at Sydney into a branch and the representative office in London (UK) into a subsidiary. Also, the bank has approvals for opening a branch in Antwerp (Belgium) and representative offices at Johannesburg (South Africa) and Toronto (Canada).
On 3 January 2011, Union Bank of India announced that it has crossed a total global business of Rs 3.2 lakh crore as at the end of December 2010, registering a growth of 24.45%.
The Board of Directors of Union Bank of India at its meeting held on 5 March 2011 approved the issuance of up to 3.08 crore Equity Shares of face value of Rs. 10/- each at a premium of Rs. 344.94 aggregating up to Rs. 1,096/- crore to Government of India on preferential basis.
On 28 March 2011, Union Bank of India informed the stock exchanges that Securities and Exchange Board of India (Sebi) has issued Certificate of Registration to the subsidiary of Union Bank of India, 'Union KBC Mutual Fund', on 23 March 2011. Sebi has also granted its approval to the subsidiary of the bank 'Union KBC Asset Management Company Private Limited' to act as the Asset Management Company to 'Union KBC Mutual Fund'.
On 31 March 2012, Union Bank of India informed the stock exchanges that the bank after receipt of an amount of Rs. 650.30 crore from Life Insurance Corporation of India has allotted 2.62 crore Equity Shares of the face value of Rs. 10/- each at a premium of Rs. 238.05 to Life Insurance Corporation of India on preferential basis.
On 22 April 2014, Union Bank of India acting through its Hong Kong branch successfully priced a USD 350 million Reg S senior unsecured notes drawdown from its USD 2 billion Medium-Term Note Program.
Consequent to the receipt of capital funds from Government of India to the tune of Rs 1080 crore, Union Bank of India on 30 September 2015 issued and allotted 5.16 crore equity shares at an issue price of Rs 209.05 per equity share on preferential basis to Government of India.
On 20 September 2016, Union Bank of India completed the acquisition of 49% shareholding of Union KBC Asset Management Company Private Limited and Union KBC Trustee Company Private Limited from KBC Participations Renta S.A. and its affiliates. As a result of the aforesaid acquisition, Union KBC Asset Management Company Private Limited and Union KBC Trustee Company Private Limited have become wholly owned subsidiaries of the bank.
On 23 March 2017, Union Bank of India informed the stock exchanges that the bank has sold its entire stake of 5% (12.5 lakh shares) in TransUnion CIBIL Limited to TransUnion International Inc. (TUI). The deal was concluded on 22 March 2017 at the rate of Rs 1,525 per share for a total consideration of Rs 190.62 crore. On 4 August 2017, Union Bank of India issued and allotted 3.89 crore shares at issue price of Rs 138.76 per share on preferential basis to Government of India.
On 14 December 2017, Union Bank of India announced that the offer of QIP was oversubscribed and the bank has issued 12.93 crore shares aggregating to Rs 2000 crore to Qualified Institutional Buyers. The shares were allotted on 14 December 2017. The investors include Asset Management Companies, Insurance Companies and Foreign Intuitional Investors. The amount raised shall augment the capital adequacy and help in business expansion of the bank.
On 15 February 2018, Union Bank of India clarified to the stock exchanges that the bank through its foreign branches has been taking exposure with Punjab National Bank (PNB) as counter party under various Letters of Undertakings (LoU) issued through authenticated SWIFT message. The bank has also purchased some Buyers' Credit assets from Axis Bank through Risk Participation as a part of normal international business practice. The outstanding exposure related to the incident is approximately USD 300 million and the bank is fully secured by LoU/LC/other documents and fully confident to receive the payment.
On 31 January 2018, Union Bank of India informed the stock exchanges that the bank has sold its entire stake of 10% (1.4 crore unlisted equity shares) in Experian Credit Information Company of India Private Limited on 30 January 2018.
On 27 March 2018, Union Bank of India issued and allotted 31.28 crore equity shares at issue price of Rs 144.62 per share on preferential basis to Government of India.
On 18 May 2018, Union Bank of India announced that Dai-Ichi Life Holdings Inc., Japan has invested in Union Asset Management Company Private Limited through Compulsory Convertible Preference Shares (CCPS) on 17 May 2018 after obtaining requisite regulatory approvals. Through this investment, Dai-Ichi Life Holdings Inc. holds 39.62% share capital in Union AMC and consequently, Union AMC is now co-sponsored by Union Bank of India and Dai-Ichi Life Holdings Inc., Japan. As per investment and CCPS subscription agreements, Dai-Ichi Life Holdings Inc. will have an option to convert the CCPS into equity after certain fixed period.
During the fiscal 2018, total deposits increased to Rs 408502 crore as compared to Rs 378392 crore in the previous year with a annual growth of 8%.
As on 31 March 2018, the bank had a distribution network of 4301 branches and 13049 ATMs & micro ATMs across the country.
During FY2018, the Government of India infused a capital of Rs 4524 crore into the Bank and pursuant to this, the bank has allotted 31.28 crore equity shares of Rs 10 each at the price of Rs 144.62 per share to GOI. The bank also raised Rs 2000 crore through Qualified Institutional Placement(QIP) by allotting 12.93 equity shares of Rs 10 each at a price of Rs 154.65 per share.
As on 31 March 2018, the bank has 3 subsidiaries, one joint venture and one associate company under its roof.
During the fiscal 2019, total deposits increased to Rs 415915 crore as compared to Rs 408502 crore in the previous year with a annual growth of 1.8%.
During FY2019, the Government of India infused a capital of Rs 4112 crore into the Bank and pursuant to this, the bank has allotted 52.16 crore equity shares of Rs 10 each at the price of Rs 78.84 per share to GOI.
As on 31 March 2019, the bank has 4292 branches and 12236 ATMs & micro ATMs across the country.
Initiating major reforms in the PSBs, a mega amalgamation exercise had been taken up in FY 2020. Accordingly, 10 PSBs have been amalgamated into 4 Banks. As part of this initiative, Andhra Bank and Corporation Bank have been amalgamated into Union Bank of India, w.e.f. 01.04.2020, making the amalgamated entity, the 5th largest PSB in the country.
The amalgamation exercise aims to reap the economies of scale from increased branch network, customer base and synergies on account of cost rationalization & technological assimilation. After amalgamation, Union Bank shall become stronger with more than 9500 Branches, 13300 plus ATMs.
The Bank issued and allotted 165,98,02,538 equity shares on preferential basis to the Government of India, against the Capital infusion of Rs.11,768 crore at an issue price of Rs. 70.90 per share (including a share premium of Rs. 60.90 per share) on 30 November 2019. The shareholding of GoI now stands at 86.75% as on 31 March 2020.
Post merger of Andhra Bank and Corporation Bank with UBI, as on 31 December 2020, the bank had a distribution network of 9590 branches and 12961 ATMs across the country.
As on 31 December 2020, the bank has a strong network of 9590 domestic branches, 12961 ATMs and over 11700 BC points, serving over 120 million customers.
Gross Advances stood at Rs. 6,53,684 crore as on March 31, 2021. The global business of the Bank stood at Rs. 15,77,490 crore as on March 31, 2021. Total Deposits increased to Rs. 9,23,805 crore as on March 31, 2021.
The Bank has a network of 9312 branches and 3 overseas branches in Hong Kong, Sydney, Dubai, 12,957 ATMs across 29 States and 5 Union Territories as on March 31, 2021. Out of these 56% of the branches are located in rural and semi-urban centers.
As a part of mega consolidation of Public Sector Banks, Government of India vide gazette dated March 04, 2020 provided approval for amalgamation of Corporation Bank and Andhra Bank into Union Bank of India (Anchor Bank) and announced the said Amalgamation would be effective from April 01, 2020. The amalgamation have resulted in improving geographical penetration of Union Bank across the country. With the amalgamation, Union Bank became the 5th largest public sector Bank in terms of business with extensive network of offerings.
The global business of the Bank stood at Rs. 17,48,800 crore as on March 31, 2022. Total Deposits increased to Rs. 10,32,392 crore and Gross Advances stood at Rs. 7,16,408 crore as on March 31, 2022.
The Bank has a network of 8870 branches and 3 overseas branches, 11,232 ATMs across 29 States and 5 Union Territories as on March 31, 2022. Out of these 57% of the branches are located in rural and semi-urban centers.
The Global Business of the Bank stood at Rs. 19,27,621 crore as on March 31, 2023. Total Deposits increased to Rs. 11,17,716 crore and Gross Advances stood at Rs. 8,09,905 crore as on March 31, 2023.
The Bank has a network of 9315 branches and 3 overseas branches, 10,835 ATMs across 29 States and 5 Union Territories as on March 31, 2023.
The Global Business of the Bank stood at Rs.21,26,912 Crore as on March 31, 2024. Total Deposits increased to Rs. 12,21,528 Crore and Gross Advances stood at Rs. 9,04,884 Crore as on March 31, 2024.
The Bank has a network of 8,464 branches and 3 overseas branches, 8,982 ATMs across 29 States and 5 Union Territories as on March 31, 2024.
The Global Business of the Bank stood at Rs. 22,92,644 Crore as on March 31, 2025. Total Deposits increased to Rs. 13,09,750 Crore and Gross Advances stood at Rs. 9,82,894 Crore as on March 31, 2025.
The Bank has a network of 8,621 branches and 3 overseas branches, 8,910 ATMs across 29 States and 5 Union Territories as on March 31, 2025.
FAQs on Union Bank of India
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2. Does Union Bank of India pay dividends? ›
Yes, Union Bank of India has a consistent history of rewarding its shareholders through dividend payouts. Dividend frequency and amounts vary depending on the company’s financial performance and board approvals. Investors holding Union Bank of India shares on the record date announced by the company are eligible to receive dividends directly into their bank accounts linked with their Demat holdings.
3. What is the current share price of Union Bank of India ? ›
As of
30-Jan-2026 , 16:15:11 the share price for Union Bank of India. is ₹ 180.76 on the NSE (Note: Prices are dynamic and update frequently during market hours).
4. What is the 52-week high and low of Union Bank of India ? ›
The 52-week high and low of Union Bank of India share price is ₹ 106.63 - ₹ 183.34 as of
30-Jan-2026 , 16:15:11 .
