Public-sector lender Union Bank of India is all set to increase its total business to Rs 300,000 crore by March 2010 from Rs 220,000 crore as on December 31, 2008.
To achieve the target, the Mumbai-based bank is planning to open 3,000 branches and hire the same number of people. The bank is also planning to spend around Rs 100 crore in the current financial year to upgrade technology.
M V Nair, chairman and managing director, Union Bank of India, said the bank was growing at 30 per cent year-on-year. Deposits were around Rs 129,000 crore as on December 31, 2008 and advances were around Rs 91,000 crore.
While the industry is growing at 20 per cent in deposits, Union Bank has reported 28 per cent growth and advances have grown at 25 per cent as against the industry’s average of 22 per cent, he said. The bank was looking at advances to the tune of Rs 1,25,000 crore and deposits of Rs 1,75,000 crore by March 2010, Nair added.
Of the 3,000 branches proposed to be opened, he said that 500 would be opened by September 2009. The idea, he explained, was to have a branch for every 15 km of the country. The bank has adopted a three-point strategy under a project called Navairaman (recreation), to upgrade technology, process and people.
