Union Bank

Union Bank may refer to:

See also

Union

Union is the state of being united or joined.

Union may also refer to:

Labor

Education

History and politics

Banking union

The banking union in the European Union is the transfer of responsibility for banking policy from the national to the EU level in several countries of the European Union, initiated in 2012 as a response to the Eurozone crisis. The motivation for banking union was the fragility of numerous banks in the Eurozone, and the identification of vicious circle between credit conditions for these banks and the sovereign credit of their respective home countries. In several countries, private debts arising from a property bubble were transferred to sovereign debt as a result of banking system bailouts and government responses to slowing economies post-bubble. Banking union was formulated as a policy response to this challenge.

As of 2014, the banking union mainly consists of two main initiatives, the Single Supervisory Mechanism and Single Resolution Mechanism, which are based upon the EU's "single rulebook" or common financial regulatory framework. The agreement creating the SRM entered into force on 1 January 2016. As of January 2016, all eurozone member states participate in the SRM.

Bank of India

Bank of India (Hindi:बैंक ऑफ इंडिया) (BoI) is commercial bank with headquarters in Mumbai, Maharashtra, India. Founded in 1906, it has been government-owned since nationalisation in 1969. Bank of India has 4828 branches as on 31 December 2013, including 56 offices outside India, which includes five subsidiaries, five representative offices, and one joint venture. BoI is a founder member of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications), which facilitates provision of cost-effective financial processing and communication services.

History

Bank of India was founded on 7 September 1906 by a group of eminent businessmen from Mumbai, Maharashtra, India. The Bank was under private ownership and control till July 1969 when it was nationalised along with 13 other banks.

Beginning with one office in Mumbai, with a paid-up capital of Rs.50 lakh and 50 employees, the Bank has made a rapid growth over the years and blossomed into a mighty institution with a strong national presence and sizable international operations. In business volume, the Bank occupies a premier position among the nationalised banks.

Union Bank of India

Union Bank of India (Hindi:यूनियन बैंक ऑफ इंडिया) (UBI) (BSE: 532477) is one of the largest government-owned banks of India (the government owns 60.13% of its share capital). It is listed on the Forbes 2000, and has assets of USD 13.45 billion. All the bank's branches have been networked with its 6909 ATMs as on 30.09.2015. Its online Telebanking facility are available to all its Core Banking Customers - individual as well as corporate. It has representative offices in Abu Dhabi, United Arab Emirates, Beijing, Peoples Republic of China, London, Shanghai, and Sydney, and branches in Hong Kong, Dubai (Dubai International Financial Centre) and Antwerp, Belgium. (No. of ATMs as on 30.09.2015. Branches all over India are 4117 as on 30.12.2015. (Rural - 1285, Semi Urban - 1219, Urban - 869, Metro - 744 branches).

The bank is in the process of upgrading its representative offices in London and Sydney to branches. UBI is active in promoting financial inclusion policy and is a member of the Alliance for Financial Inclusion (AFI).