With visible signs of global recovery, Union Bank of India has decided to continue its overseas expansion operations. The crisis had forced the bank to put off its expansion plans across 10 major overseas centres by 2012.
The bank's management said that its expansion strategy would be in line with the current market situation. Union bank's chairman and managing director said that the global financial crisis made things a little uncertain and therefore they had to wait for an appropriate time to rework their expansion plans.
He added that that they will revisit the plan afresh and formulate a new strategy within a span of two months. However before doing that, the bank has put a halt on operations in Sydney and Beijing. Both the Sydney and the Beijing offices are the representative offices. The bank plans to turn the Sydney office into a full-fledged branch.
Apart from this, UBI is planning to do away with the second round of a transformation project that aims at achieving excellence in customer orientation.
UBI is in the process of finalising the second phase of transformation scheme. It is holding workshops with its entire top management including regional heads. Indian School of business has also lent help to the bank in this respect.
SBI, country's largest public sector bank, also plans to scale up its presence in the international markets as it sees more profits from overseas operations.