The Union Bank of India is setting up branches in the UK and Belgium and also upgrading its representative office in Sydney (Australia) into a full-fledged branch during the next financial year (2011-12), according to Mr S.C Kalia, Executive Director.

He was addressing the press here on Thursday evening after reviewing the performance of the branches in the Visakhapatnam zone. He said the bank at present had a full-fledged branch in Hong Kong. He said the bank had 3,000 branches and 2,560 ATMs in the country, with a business mix of Rs 3,20,442 crore, of which, deposits amounted to Rs 1,86,224 crore.

He said the bank was aiming at 20 per cent growth in deposits and 25 per cent in advances and is confident of achieving the targets. The net profit during the current financial year (nine months) amounted to Rs 1,484 crore. He said all the branches were networked and 50 per cent of the transactions were through alternative delivery channels.

AP branches

Mr Kalia said Union Bank had at present 194 branches and 200 ATMs in Andhra Pradesh, with total business amounting to Rs 13,560 crore and deposits, Rs 6,059 crore. The bank was lending to more than 80,000 self-help groups. During the next financial year, 36 more branches and 36 more ATMs would be added.

Mr Kalia said, “We are laying great stress on financial inclusion. We are using the branchless banking model and employing business correspondents in rural areas for the purpose.” He said the bank was giving great importance to the retail segment, which accounted for 12 per cent of the advances.

Mr D.V Gupta, Assistant General Manager in charge of the Vizag region, said the business in the region amounted to Rs 2,000 crore, with deposits being Rs 850 crore, and the rest advances.

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