Union Bank to expand operation in UK, Australia in next 6 mths

New Delhi, Mar 23 (PTI) State-run Union Bank of India,
which plans to set up a subsidiary in the United Kingdom and a
branch in Australia and Belgium, is expected to get regulatory
approval in the next six months.
"We hope to get approval from the respective
regulators in the next six months," Union Bank of India
Chairman and Managing Director M V Nair told Press Trust of
India (PTI).
The bank has already got nod from the Reserve Bank of
India for setting up operation in these countries.
The bank plans to open a branch in Antwerp (Belgium),
Sydney (Australia). At the same time a subsidiary in the UK
which can cater to the customers in the European region.
Currently, the Mumbai-based bank has representative
offices in Sydney (Australia) and London (UK).
Besides, the bank has full-fledged branch in Hong
Kong.
The branch carries out normal commercial banking
operations like acceptance of deposits, trade finance,
External Commercial Borrowing (ECBs) and syndicated loans.
As on March 31, 2010, deposits at Hong Kong branch
reached a level of USD 82 million up from USD 56.05 million on
March 31, 2009, registering a growth of 46.30 per cent, while
advances grew by 158 per cent to USD 664 million at the end of
2009-10.
The operating profit of the Hong Kong branch reached
USD 12.92 million as of March 31, 2010, up from USD 3 million
in the previous fiscal, a growth of 330 per cent.