Union Bank of India (UBI) is an Indian bank. It is one of the largest state-run banks in India. The bank is popularly known as UBI. It has earned the reputation of becoming a people-friendly bank. The headquarters are located at Mumbai, India. The bank has been listed in the Forbes 2000. Several foreign touch points are being maintained by this Indian bank. They include representative offices in Shanghai, Peoples Republic of China, United Arab Emirates and Abu Dhabi and a branch in Hong Kong. In the near future it has plans to open more branches worldwide so as to capture the huge foreign client base. UBI has a massive employee base of more than 26,000 people.
UBI was inaugurated by Mahatma Gandhi and was registered on November 11, 1919 as a limited company in Mumbai. In the year 1975 the bank was nationalized by the Indian government. At that time it had 240 branches in 28 states. Then UBI merged in Belgaum Bank. It was a private sector bank which was established in the year 1930. Then in the year 1985 Union Bank of India merged with Miraj State Bank. A great step was taken in the year 1999 when it acquired the Sikkim Bank on the formal request of Reserve bank of India which is the apex body of Indian Banking System. This acquisition gave the UBI a golden opportunity to expand more in the north-eastern part of India. 55.43% Share Capital of the bank is held by the Government of India. At present 44.57 % of Share Capital is being held by Individuals, Institutions and others.
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Union Bank Q1 results have come in with net profit at Rs 601 crore versus Rs 442.2 crore and NII at Rs 1348 crore versus Rs 801.6 crore, reports CNBC TV18. The stock is currently trading at Rs 324, down 0.6% on the BSE.
Buy Union Bank with target of Rs 355 and stop loss of Rs 300, says Ashwani Gujral, technical analyst, on CNBC TV18. The stock is currently trading at Rs 315.35, down 0.1% on the BSE.
Buy Union Bank of India with target of Rs 350, says Hormuz Maloo of Geojit Financial Services on NDTV Profit. The stock is currently trading at Rs 299.50, down 1.2% on the BSE.
Hold United Bank of India with a target of Rs 77 then Rs 85 where one can exit, says Ashwani Gujral, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 71.60, up 0.1% on the BSE.
Hold UCO Bank which will show fresh momentum on crossing Rs 61, says MB Singh, technical analyst, on Zee Business. Keep stop loss of Rs 52, he adds. The stock is currently trading at Rs 57.80, up 1.9% on the BSE.