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Union Bank of India, a large public sector bank in India, today (August 1) opened its first full-fledged branch in Hong Kong.
The Hong Kong branch offers a variety of products and services to corporations and individuals, and will be targeting major businesses in wholesale banking, loan syndication, trade finance and other trade related sectors and retail banking.
The opening ceremony was officiated by Mr Pawan Kumar Bansal, Minister State for Finance, Government of India. Mr M. V. Nair, Chairman and Managing Director of Union Bank of India, and Mr L. D. Ralte, Consul-General of India in Hong Kong, were joined at the event by regulators, senior bank and other corporate executives and other members of the Hong Kong business community.
In the inaugural address, Mr Bansal, Minister State for Finance, Government of India said, "Union Bank of India, a leading public sector bank in India, has taken a major initiative for global business by opening its first branch in Hong Kong. The bank moved in the ladder from 11th to 6th rank in nationalised bank, and with opening of this branch, it has become a global player to take the bank business to greater heights." He wishes all success for the bank in its new initiative.
Speaking at the ceremony, Mr Nair, Chairman and Managing Director of Union Bank of India, remarked that the opening of the Hong Kong branch will enable the bank to explore opportunities emerging from growing Indo-Chinese trade relations. He said, ¡§Sino-Indian relations have been strengthened in recent years. To finance the rapidly growing trade between these two giant economies, Hong Kong is the natural choice with its state-of-the-art infrastructure and well-developed financial market with the presence of the world's leading players. Establishing the Hong Kong branch is also a major step in our bank's plan to expand its global presence. ¡¨
The bank is exploring the possibility of opening more branches in Asia, Africa, Europe, North America and Oceania.
Mr Charles Ng, Acting Director-General of Investment Promotion at Invest Hong Kong, welcomed the opening of Union Bank of India's new branch. He said, "We are delighted that Union Bank of India has chosen Hong Kong as its bridgehead in its both regional and global expansion strategy. It is a great vote of confidence in our role as a global financial centre, which recently has been further strengthened by some leading financial institutions' decision to base global business and functions in Hong Kong. I wish the bank every success with its business in Hong Kong."
Union Bank of India was established in Mumbai in 1919. As of March 2008, it had a total business of US$44.8 billion and an asset base of US$30.9 billion. The bank has over 2,500 outlets with pan-Indian presence and has plans to open 400 more branches during the current financial year. With a customer base of more than 20 million, it is the first large nationalised bank in India to allow customers to perform their banking transactions at any of the branches. Its goal is to become one of the top three national banks in India by 2012. For more information, please visit http://www.unionbankofindia.com.
InvestHK is the award-winning department of the Hong Kong Special Administrative Region Government responsible for attracting and facilitating inward investment into the city, by providing free services and support to help overseas and Mainland companies establish or expand their business presence in Hong Kong. For more information, please visit www.InvestHK.gov.hk.
Ends/Friday, August 1, 2008
Issued at HKT 17:21
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