Union Bank of India (UBI), in a bid to expand and have better presence outside the country is eyeing to open three overseas branches before the fiscal end. The bank is planning to open branches at Australia - Sydney, England - London and UAE - Dubai.
Depending upon the view taken on its applications by local regulators in these countries, the exact timelines for opening of the branches will depend. For its London branch, the bank has already incorporated a subsidiary in England while the process for setting up the other two is underway.
Besides, the bank is also planning to have a branch in the Dubai International Finance Centre. This branch will help bank for raising money in foreign currencies and on-lend to borrowers in non-rupee denominations. On international front, the bank has currently got its branch in Hong Kong and five representative offices elsewhere.
