NEWS & ADVICE : PERSONAL LOAN
Union Bank of India to expand its overseas presence; to open offshore unit in Dubai
By Vaibhav Aggarwal
Dec 10, 2012
Print    Email    RSS   

Public sector bank, Union Bank of India, has announced that it has been allowed to set up an offshore banking center in Dubai International Finance Centre (DIFC). The announcement was made by Mr. D. Sarkar, the Chairman & Managing Director of the bank.

The Mumbai based bank plans to open at least 3 offshore banking units in foreign countries next year. Apart from Dubai, the bank also plans to set up a subsidiary in London and one branch each in Sydney and in Antwerp in the next year.

It is reported that having presence in DIFC will enable it to raise funds in foreign currencies and to on-lend to its customers in foreign currencies. Sarkar said, "We are at an advance stage of getting clearances and completing the formalities for London subsidiary and a branch in Sydney."

Currently, Union Bank has overseas presence in countries like Hong Kong, Beijing, Shanghai, London and Sydney.


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Some admissible deductions under Income...
Carnival of Indian Personal Finance Blogs # 9
How to decide on a loan for business?
Gold based financing; 'loan to buy gold...
How far can new banking licenses be banked...


DO YOU NEED A GOOD LOAN LENDER ?
HOTEL: CaℒL Giℛℒs In Kharar 09855660911...
Model Escoℛts Service In Pune 8888IOO484 Caℓℓ...
What is the outstanding Amount for my personal loan

NEWS THIS WEEK
LVB bank joined hands with NCML Feb 18, 2015
Syndicate Bank hiring 5000 new staff Feb 12, 2015
SBI donated Rs 8.6 cr as a part of CSR activity Feb 11, 2015
Canara Bank tied up with NHBC Feb 9, 2015
Hiring for Probationary clerks in South Indian Bank Feb 5, 2015
News Archive