47. Union Bank of India
CompanyUnion Bank of India
Brand Value US$ 273 Million
Headquarter City Mumbai
Year Formed 1919
One of the India’s largest public sector banks, Union Bank primarily operates as a lender, extending loans to individuals for home, auto and education; to small- and medium-size business; and to farmers and other agricultural enterprises.
The bank serves around 50 million customers through a network of over 3,900 branches and over 6,400 ATMs, predominately in the northern part of the country and spanning both rural and urban areas. It operates two international branches, in Dubai and Hong King, and five representative offices, in Abu Dhabi, Beijing, London, Shanghai, and Sydney.
To improve customer service as a point of competitive differentiation, the bank recently introduced several initiatives. The Union Family Scheme, for example, attempts to strengthen the bank’s relationships with families that include multiple customers of the bank.
To better reach the unbanked, Union Bank plans to deploy 20 vans that will serve as mobile branches. The bank also operates 24 Financial Literacy and Counseling Centers. And Union Bank adopted 60 villages to help advance their socio-economic wellbeing.
Union Bank traces its commitment to helping build the nation to the bank’s origins in 1919, and the dedication of its first building two years later, where Mahatma Gandhi spoke. The Indian government nationalized the bank in 1969.