The public sector lender, Union Bank of India had asked permission from Chinese Government to upgrade its representative office in Shanghai to a full-fledged branch, sources said.
Presently, Union Bank of India has representative offices in Beijing and Shanghai and permission has been sought to upgrade its Shanghai office into full-fledged branch.
The Shanghai branch was opened in 2007 and UBI is looking to convert it into a branch as it has already completed the two year mandatory period required to open a full-fledged branch in China.
State Bank of India and Canara Bank has already upgraded their representative offices to full-fledged branches in Shanghai. Bank of India and Bank of Baroda has opened its branches in Shenzhen and Guangzhou respectively.