Public sector lender Union Bank of India is planning to increase its offshore operations.
The bank presently has a wholly operational branch in Hong Kong as well as representative offices in Shanghai, Abu Dhabi, London and Beijing.
The bank is aiming for a subsidiary in London coupled with branches in Sydney, Belgium and Dubai. It has already received approval from Reserve Bank of India in this regard.
"To set up these overseas branches, we have applied to the local authorities. We will go ahead with the plan as and when we get the approval from the local authorities", MV Nair, chairman and managing director (CMD) of the bank said.
The bank is also planning to increase its branch count this fiscal. It presently has 3000 branches to which it plans to add another 400 branches in this fiscal.
It also plans to increase its ATM count from existing 2700 to 5000 in this fiscal.