Union Bank to expand business through retail loan
By Neelima Shankar
Sep 4, 2008
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State-run, Union Bank of India is now heading east to make a mark in retail loan business segment.

The bank plans to extend loans of Rs 120 crore in the eastern region through its retail asset branches this fiscal as compared to Rs 16 crore in the last fiscal.

On the launch of the bank's new logo, S L Bansal, General Manager, Union Bank of India, disclosed that that the bank intends to open four new retail asset branches that will exclusively provide credit to retail customers in the east.

At present the retail asset branches are operational in Kolkata, Patna and Ranchi. The new branches will come up in Bhubaneswar, Guwahati and Jharkhand.

The Bank also plans to expand its presence in north by opening 14 more branches, besides aiming to attain a total business of Rs 3,900 crore from Chandigarh circle alone in 2008-09.

"As a part of our strategy to expand in this region, we will open 14 more branches in rural and semi rural areas of Chandigarh, Himachal Pradesh (HP) and Haryana this year," said Union Bank of India's Deputy General Manager, A K Thakur.

In the meantime, the bank has applied for ten overseas branches with the RBI.

Union Bank has added a customer base of over two million annually and has been reinventing its services in an ongoing exercise called Nav Nirman.


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