Union Bank of India

The Union Bank of India is the largest private banks of the country, which as of today is nationalised. The large bank that has over 2400 branches in its homeland has announced the opening of its new branch in Dubai in the end of 2010. Union Bank has specifically been created in Dubai for managing the financial affairs of the tens of thousands of Indians who live in Dubai.

Let us see now can Union Bank possibly offer us and a little bit of its history too.

Union Bank of India, also called UBI is a state owned bank, which means that the Indian government owns 55.43% of the shared capita. The bank is enlisted on Forbes 2000. The bank’s assets are worth 13.5 Billion USD and the bank has 1135 ATMs. Any customer who has an account at the Union Bank of India can reach the online banking facility offers. The large bank was inaugurated by Mahatma Gandhi himself who trusted in his nation and wanted that it owned banks and everything, which a free country need to own to become legitimate. The Union Bank of India was founded in Mumbai in 1919 November, well before the actual liberation movements though. From the Fifties the Bank is dynamically growing and in 2007 it has started to open its branches on abroad, specifically concentrating to those areas where the Indian population is high. Therefore, it has branches in Singapore, in the United Arab Emirates, namely its first office opened in 2007 in Abu Dhabi and the Dubai office opened around the beginning of 2011. Branch offices can be found in China in Shanghai and in Sydney Australia too. Bank of India has purchased or merged with the following banks: Belgaum Bank, Miraj State Bank, Sikkim Bank.

Union Bank of India in Dubai mainly offers its services to those Indians who live in that country. This is an unspoken thing, and the Indian clients are more dedicated to the bank as it can make their money transaction a lot fasted, when they send money back home. Other than that, the Bank of India offers services to non-residents as well. Let us see a small overview of its services:

Personal: this unit deals with all the account making facilities; it deals with 10 different personal accounts, the unit is also responsible for the loans, the debit and credit cards and also for the online payments.

NRI – Non-Residential accounts opening: dealt with Deposit, Investment, Remittances and Loans.

International: this unit deals with Export-Import deals

MSME: This is the Micro and medium business specialised unit and it offer several financial plans for these small or smaller companies in order for them to grow dynamically.

Rural and Agri: This unit deal with the specifically agricultural and rural companies that opt for credits. The Huge Indian subcontinent has endless territories; therefore, the role of agricultural companies will always stay important.

Corporate: deals with all sorts of corporate services, information and advisory.

In Dubai, Union Bank is located in the Dubai International Financial City (level 2, gate village 5). In Dubai, you can find a couple of ATMs belonging to the bank and its also very popular choice for the real quick money transfers from Dubai to India.

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