Business Daily from THE HINDU group of publications
Saturday, Jan 10, 2009
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Business Daily from THE HINDU group of publications Saturday, Jan 10, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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Outlook Union Bank to review overseas expansion plans 
Mr M.V. Nair S. Bridget Leena Chennai, Jan. 9 Due to the global meltdown, Union Bank of India to reassess its overseas presence plans but is upbeat on domestic expansion. Currently, the bank has an overseas branch in Hong Kong and two representative offices in Shanghai and Abu Dhabi. Mr M.V. Nair, Chairman and Managing Director, Union Bank of India, said the bank had plans to have its footprint in 10 overseas locations, but now was reassessing the situation whether the time was appropriate to open branches abroad. “We would reassess setting of up operations in London, Indonesia and two representative offices in China,” he said. The bank is awaiting regulatory approvals to open branches in Sydney and Canada. The bank has got licences for 460 branches and expects to get the approval for another 85 branches from the Reserve Bank of India shortly. “Over the last one year we had drawn a blueprint to expand and realised we were not there in almost 180 districts in the country so we expect to open 500 branches in the next six months,” said Mr Nair. “When we had undertaken the objective of growth we made a careful assessment of human requirement and realised we would have to recruit about 3,500 employees of whom about 1,500 of them are already recruited,” he said. At present, Union Bank of India has about 27,000 employees. Talking about the investment required for the expansion, Mr Nair said that it would involve about Rs 100 crore. With many banks failing in the U.S and Europe, asked if it presented opportunities for Indian Banks to acquire such failing banks, Mr Nair observed that the risks in acquisitions outweigh the benefits. Union Bank plans to raise Rs 500 crore via bonds Union Bank joins Belgium co for AMC More Stories on : Outlook | Overseas Investments | Public Sector Banks
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