Beijing: Expanding its overseas presence, the Union Bank of India (UBI) is opening a full-fledged branch in Hong Kong and plans to have two more representative offices in mainland China.
The UBI just received approval from the Hong Kong Monetary Authority to open a full-fledged branch in Hong Kong, a Special Administrative Region of China. The branch will have full fledged banking operations including deposit acceptance, lending to trade and corporate, treasury operations and overseas business.
The Hong Kong Branch will be able to undertake all operations on par with any other banking institution in Hong Kong. Union Bank is in the process of completing other formalities and will open the branch during this financial year, bank sources said.
The bank is opening branches and representative offices at various foreign locations as part of its initiative to expand its presence overseas, bank sources said, adding last month, UBI had received approval from the Central Bank of United Arab Emirates to open a Representative Office in Abu Dhabi. It is likely to be operational by December.
The UBI has already opened its first representative office at Shanghai, eastern China and the country’s business hub in May this year. The Bank already has approvals from Reserve Bank of India for opening Representative Offices in Beijing, the Chinese capital and Guangdong in southern China.
The Bank is in the process of converting these approvals into licenses from the concerned authorities, the sources said.