Indian Finance Minister Arun Jaitley this week formally launched the UK subsidiary of India’s revered Union Bank of India.
The bank’s move into the UK signals the 96-year-old institutions global expansion plans – it plans to deliver 10% of overall business from overseas markets by 2019 as it looks to tap into the increasingly influential Indian Diaspora community whilst also providing banking services to companies and individuals queuing up to invest in India.
The bank, the 6th largest public sector bank in India with more than $59 billion in assets, will undertake retail and wholesale banking.
In retail banking the focus will be on current, savings, fixed term deposits and remittances while the wholesale banking arm will focus will be on syndicated loans, external commercial borrowings, SMEs, trade finance facilities and current accounts.
The UKAsian caught up with the bank’s chairperson Mr Arun Tiwari to find out more.
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