Union Bank to focus on strengthening its retail portfolio

Union Bank would focus on strengthening its retail portfolio in the current fiscal as a part of increasing its business in the country.

Last Updated: Sep 22, 2012, 19:24 PM IST

Chennai: Union Bank would focus on strengthening its retail portfolio in the current fiscal as a part of increasing its business in the country.

"The bank will have a major focus on retail business during the current financial year", the bank said in a statement.

The bank's total business as of March 31, 2012 was Rs 4,03,900 crore with deposits of 2,22,869 crore and advances of Rs 1,81,031 crore. UBI's capital adequacy ratio is 11.85 per cent, it said.

The bank's outstanding lending to agriculture sector is Rs 1,739 crore, for Micro, small and medium enterprises at Rs 1,648 crore and Rs 1,539 crore for retail loan, the statement said.

Meanwhile, the bank said it has launched a "remodelled branch" at nearby West Tambaram under the brand "UnionXperience". It is the 169th branch in the country, it said.

Union Bank of India currently has 3,252 branches and 4,179 ATM networks across the country. The bank has a presence in Hong Kong, five representative offices at Shanghai, Beijing, Abu Dhabi, Sydney and London, the statement added.

PTI