The Finance Minister of India, Arun Jaitley was the special guest at the opening of the first overseas subsidiary for Union Bank of India.

He was joined by Ranjan Mathai, High Commissioner of India to the UK, Alderman & Sherriff of the City of London, Dr Andrew Parmley and Arun Tiwari Chairman & Managing Director of Union Bank of India.

Chairman and Managing Director Mr. Arun Tiwari said, “India’s great growth story continues with a renewed emphasis coming from the recent political changes, positive economic outlook. India can definitely emerge as one of the fastest growing economies in the next decade. Indian corporates are becoming global and growing by virtue of their ability to handle huge projects and potential available in untapped geographies and trade. Union Bank will ensure that both Indian and local corporates and SMEs are well facilitated with banking services”.

The Chairman further stated that the vision of the bank is to achieve an overseas business level of 10% of the total group business from the present level of 4.70% by the bank’s centenary year in 2019.

Union Bank of India (UK) Ltd will undertake retail and wholesale banking.

Union Bank of India is the 6th largest Bank in India in the public sector space with over USD 59 billion assets; a pan India presence with over 4000 branches and 6700 ATMs spread across all parts of India.

Continuing with its global aspirations, Union Bank of India commenced international operations only as late as 2007 and in the short span of 8 years has an international presence with branches in Hong Kong, DIFC- Dubai, Antwerp, a subsidiary in the UK inaugurated today by Mr Arun Jaitley the Honourable Finance Minister of the Government of India.

The bank has representative offices in Abu Dhabi, Shanghai, Beijing and Sydney. The bank is looking to mark its presence in the African continent as well.