Union Bank of India Updates on developments on business plans

Union Bank of India has announced about the following developments:

- The Bank opened an ATM at Serethang Nathula in Sikkim situated at 14,300 feet about sea level - the highest altitude at which any Bank in India has set up an ATM. It is strategically located to facilitate traders and tourists on the Indo-China border.

- The Bank was awarded "The Best IT User Award 2006" by NASSCOM under the Banking and Financial Services and Insurance category (BFSI). The award is in recognition for its software package for Clearing House operations at Pune. The entire package was developed in-house.

- As part of its initiatives to expand its presence overseas, the Bank opened its first representative office abroad - at Shanghai, Peoples Republic of China on May 18, 2007.

- The Bank has received approval from the Central Bank of United Arab Emirates to open a Representative Office in Abu Dhabi. The Bank is planning to open the representative office by December 2007.

- The Bank has approvals from Reserve Bank of India for opening Representative Offices in Beijing and Guandong in Peoples Republic of China and a branch in Hong Kong.

Source : Equity Bulls

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