Union Bank of India was founded in November 1919 in Mumbai. Inaugurated by Mahatma Gandhi, the bank had expanded to four branches, in Saurashtra and Mumbai, by the time India was given independence in 1947. The bank then expanded rapidly, reaching 240 branches by the time it was nationalised in 1969.
One of the largest government-owned banks in India, the bank now has more than 4000 branches worldwide. UBI has overseas branches in Beijing, Abu Dhabi, Sydney, and Antwerp plus offices in Shanghai, Dubai and Abu Dhabi.
Union Bank of India also has a wholly owned UK subsidiary, based in London.
Union Bank of India Products and Services
Personal banking customers can choose from current, savings or term deposit accounts. Current account customers must maintain an average quarterly balance of £100 / $100 / €100. Savings accounts do not require a minimum balance.
Business current accounts are available to businesses, partnerships, charities and trusts and in British pounds, US dollars or Euros. These accounts do not earn interest and require a balance of £500, $2000 or €2000.
Business customers looking to earn interest can choose a term deposit account, which pays a fixed rate of interest but cannot make withdrawals over the entire term – between one and five years. Interest is paid annually or at maturity. Loans are also available to business customers.
Larger corporate customers can choose from lending products including:
The bank also provides treasury services, including foreign currency remittance, forward contracts, hedges and spots and cross-currency conversions (available in selected currencies).
Union Bank of India Security
Union Bank of India UK is authorised by the Prudential Regulation Authority (PRA) and regulated by the Prudential Regulation Authority and the Financial Conduct Authority (FCA). Eligible deposits of up to £85,000 are covered by the Financial Services Compensation Scheme (FSCS).
Union Bank of India Contact Details
Senator House 85 Queen Victoria St London EC4V 4AB