Ludhiana: Keeping an eye on foreign markets, Union Bank of India is set to open its first overseas branch at Shanghai in China next month.
The bank is also contemplating to open another branch in Doha and two representative offices in Hong Kong and Dubai.
“We will open our first overseas branch in Shanghai next month,” Union Bank of India, General Manager, V K Dhingra, who was here to inaugurate an ATM here, said.
The bank has been given licenses by RBI for opening offices in Hong Kong, Doha and Dubai. These will also be opened soon but the bank is just awaiting the approval from their respective governments.
Expansion on the domestic front is also in the offing,with the bank planning to open 125 branches during the next fiscal. Presently, the bank has 2,183 branches in the country.
Having attained a business of Rs 1,41,000 crore so far, UBI grow by 20% with respect to deposits and advances.