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#GlobalAmbition: How Indian public sector giant Union Bank is going global

 

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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#Outsourced: Union slams plan to move NHS jobs to India

Hundreds of jobs are threatened under reorganisation plans by NHS England which could involve work being transferred to India, according to a leading union. Unison said cuts could hit 900 mainly low-paid workers in administration jobs such as dealing with prescription charges, and payments to GPs, opticians and dentists, as …

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European Union “ends boycott” of Narendra Modi

At a lunch meeting suggesting an end to a decade-long boycott, the European Union has told Gujarat Chief Minister Narendra Modi that “accountability” for the communal riots that tore his state apart in 2002 is important. The Congress has said it is “ignominious to be reminded by foreigners”.    Joao …

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