What is the Full Form of UBI? 

The full form of UBI is the United Bank of India. Headquartered in Mumbai, UBI is a public-sector bank. Since its merger with Andhra Bank and Corporation Bank, UBI has become one of the largest banks in India. In addition to its vast network of 8700+ branches all over India, UBI also has 4 branches abroad – Sydney, Antwerp, Hong Kong and Dubai. There are representative offices of UBI located in Shanghai, Abu Dhabi and Beijing. 

History of UBI 

• On 11 November 1919, Seth Sitaram Poddar established the Union Bank of India in Mumbai. The corporate office of the UBI was inaugurated by Mahatma Gandhi.
• When India gained independence in 1947, UBI had 4 branches – 1 in Saurashtra in trade centres and 3 in Mumbai. 
•  When UBI was nationalised in 1969 by the Indian Government, it had 240 branches. 
• UBI did a series of acquisitions which helped it in becoming one of the largest banks in India. It acquired Belgaum Bank in 1975 which had a merger with Shri Jadeya Shankarling Bank in 1964. It acquired Miraj State Bank which had 26 branches in 1985. It completed the acquisition of Sikkim Bank in 1999 which had 8 branches.
• During the year 2007, UBI started expanding internationally as it started its operations in Abu Dhabi, UAE and Shanghai, China. To continue expanding its footprint abroad it opened a branch in Hong Kong in 2008. Union Bank inaugurated a representative office in Sydney, Australia in the year 2009. 
• A merger was announced of Andhra Bank and Corporation Bank with the Union Bank of India by Finance Minister Nirmala Sitaraman on 30 August 2019. The merger was completed in April 2020 after it got approval from the Union Cabinet in March.  

Also Read: How to Make a Successful Career in Banking? 

Subsidiaries of UBI 

• Corpbank Securities ltd.
• UBI Services Ltd
• Union Asset Management Co. Private Limited
• Union Trustee Co. Pvt. Limited
• Union Bank of India (UK) Limited
• Star Union Dai-ichi Life Insurance Co. Limited
• Chaitanya Godavari Grameen Bank

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