UBI to open 125 branches and 500 ATMs, meet Basel II norms by fiscal-end

22 May 2007

Mumbai: Public sector lender Union Bank of India (UBI) plans to set up 125 branches and 500 ATMs in the coming year and by cover 700 additional branches under the CBS network by March next year.

The bank would be ready to comply with the revised Basel II norms by the end of the current financial year.

UBI would also be ready to comply with the requirements of the revised Basel II norms by March 2008, agency reports quoting chairman and managing director M. V. Nair said.

Speaking after opening UBI''s representative office in Shanghai, China, its first such facility overseas, he said the bank has procured software to compute capital as per standardised approach for credit risk.

He said the asset quality management of the bank is effective with net non-performing loans to net loans ratio at 0.96 per cent as of March 2007.

Nair said the bank is keen to open a branch in Hong Kong and further expand operations in China to tap the growing opportunities.