STRATEGIC PARTNERS
January 2, 2002
NAGPUR, India -- Union Bank of India (UBI) plans to open 50 ATMs across the country this year to compete with both nationalized and private sector banks, according to a report in The Times of India.
In a recent news conference in Nagpur, V. Leeladhar, the bank's chairman cum managing director said, "The UBI has just 11 ATMs till date which are inadequate in view of the growing demand and need in the competitive market, so we are going for more ATMs."
The UBI, which posted a net profit of Rs 155 crore on March 31, 2001, is set to enter corporate insurance for both non-life and life insurance through a strategic alliance with insurance companies, according to Leeladhar. He added that the bank has shortlisted two companies, and operations would commence soon.
The bank's non-performing assets have come down from 7.97 percent to 6.87 percent.
Under a onetime settlement, UBI has settled more than 28,000 accounts with a sum of Rs 151.7 crore, Leeladhar said. He said UBI business per employee, which was Rs 135.44 lakh last year, has now gone up to Rs 186.36 lakh in March 2001.
The Bank has set a target of 20 per cent growth in business, which means a total business target of Rs 62,500 crore, Leeladhar added.
