Union Bank of India has received in-principle approval for opening an offshore banking unit in Dubai International Finance Centre (DIFC), D. Sarkar, Chairman & Managing Director, has said.

The public sector lender is confident of setting up at least three units abroad in 2013 as part of efforts to expand its overseas footprint, Sarkar said.

Besides Dubai, the bank is also looking to open a subsidiary in London, a branch each in Sydney and Antwerp in calendar year 2013.

Having a presence in DIFC will help the bank raise money in foreign currencies and on-lend to borrowers in non-rupee denominations.

Sarkar was in the capital for the launch of the bank’s 180th ‘Union Xperience’ branch. This branch has been opened under its ‘Nav Nirman’ transformation initiative, which aims at delivering superior customer experience.

“We are at an advance stage of getting clearances and completing the formalities for London subsidiary and a branch in Sydney,” Sarkar said.

At present, Union Bank’s international footprint includes a full-fledged branch in Hong Kong and a representative office each at London, Sydney, Beijing and Shanghai.

Srivats.kr@thehindu.co.in

(This article was published on December 7, 2012)
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