The Union Bank of India plans to expand its pan India branch network by adding 500 new branches during the financial year 2009-10. Of these, the 67 new branches will be set up across Maharashtra.
On the inaugural ceremony of its 2,600th branch of the bank in Vishrantwadi, Pune, MV Nair, chairman and managing director, Union Bank, said, "We have currently 361 branches in Maharashtra that do business worth Rs 73,444 crore for us. While we have deposits worth Rs 36,000 crore at these branches, the advances stand at Rs 37,410 crore."
The 67 new branches in Maharashtra will focus on SME lending, which is expected to generate excellent revenue. Highlighting the expansion plans of the bank, Nair said, "out of the 500 additional new branches it plans to launch across the country this year, 67 would come up in Maharashtra. The bank has 1,899 ATMs nationally and the number would hit 2,500 by March 2010."
The total business of Union Bank of India rose to Rs236968 Cr. during the financial year 2008-09, which is an increase of 31.84 percent. The bank has targeted a business mix of Rs 293000 crore by the end of March 2010.