In next year more foreign banks will be setting up their branch network in India. The nationalized banks are updating themselves technically in order to be able to compete with the foreign banks. Moving on the same line the Union Bank of India has declared its major plan to transform itself into a global bank and to place itself in the top league by 2012.
Following this the banks main aim is to achieve the business of Rs two lakh crore in the financial year 2008-09. The bank has also taken the permission from RBI to open 500 branches across India.
Mr M. Nair, chairman and managing director of Union Bank, said that, "We are initializing the process of transformation, as a first step we have changed the logo. The new logo represents the commitment of good service and the passion to work. It symbolizes our desire to strive for achieving the growth. We will be spending Rs 85 crore on brand value in this financial year."
He added, "We are also planning to boost the business in the sectors of insurance and mutual fund products. In the next six months the bank is expected to launch the insurance and mutual fund products".
In relation to this the Union Bank has upgraded on technological level and has provided the core banking solution service at all 2,400 branches. The bank has plans to open branches overseas in Australia, Indonesia, UK and Canada.
Already, bank has set up a branch in Hong Kong and representative offices at Shanghai and Abudhabi.