General > Subsidiaries and Joint Ventures
Subsidiaries and Joint Ventures
Joint Venture (Bank’s shareholding: 25.10%)
Founded in 2009, Star Union Dai-ichi Life Insurance (SUD Life) is a joint venture between two of India's leading public sector banks, Bank of India and Union Bank of India, and Dai-ichi Life Holdings, a leading life insurance company in Japan.
SUD Life has one of the largest life insurance distribution footprints in India. Bank of India and Union Bank of India have sponsored select Regional Rural Banks, which provides SUD Life opportunity to make available life insurance products in rural areas.
Established in 1902, Dai-ichi Life is the second largest life insurance company of Japan and is one of the top ten life insurers globally, renowned for sound product knowledge, superior asset management skills, and strong operational capabilities to manage life insurance businesses.
SUD Life is committed to provide insurance products that serve our customers’ unique needs across various strata of society and geographies.
Asset Reconstruction Company (Bank’s shareholding: 26.02%)
ASREC is a securitization company carrying out activities under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002. (SARFAESIA). The Company is acquiring NPA accounts of Banks and FIs.at mutually agreed prices with the objective to maximize the returns through innovative resolution strategies. ASREC ensures greater efficiency in resolving the NPAs through approval of cases at DRT.
India International Bank Malaysia Berhad (IIBMB) (Bank’s shareholding: 25%)
https://internationalbank.com.my
IIBMB was incorporated in Malaysia on 13.8.2010 with a shareholding of 40%; 25% and 35% by Bank of Baroda, Union Bank of India (e-AB) & Indian Overseas Bank respectively. IIBM was incorporated on 13.8.2010 and commenced its operations on 11.7.2012. The company is undertaking banking business offering deposit and loan products to cater to needs and requirements of customers of Malaysia.
IIBM with its extensive network of branch through the promoter banks’ in India and in the world’s major financial centers such as New York, London, Brussels, Dubai, Hong Kong and Singapore, IIBM is able to leverage on these network of branches and global connection to offer customers a complete range of financial solutions which are tailor-made to their diverse needs.
https://www.unionbankofindiauk.co.uk
Union Bank of India (UK) Ltd is a wholly owned subsidiary of Union Bank of India operating in the UK.
Union Bank of India (UK) Ltd has been authorized by the Prudential Regulation Authority (PRA) and regulated by the Prudential Regulation Authority and the Financial Conduct Authority.
Union Bank Mutual Fund’s vision is to “be the bridge of opportunity for investors to achieve sustainable prosperity through responsible Investing in the capital markets.” Union Mutual Fund mainly emphasizes on product development, sales and support marketing, and dedicated coaching officers for training the marketing people. The company’s mission is to be recognized as the fund house that offers the right scheme to the correct person at the right time. Through its strong network distribution, it wants to reach out to a large number of aspiring investors. Union Mutual Fund was earlier known as Union KBC Mutual Fund. The asset management company was started as a partnership between Union Bank of India and Belgium based KBC Asset Management NV. In this partnership Union Bank of India held, 51% of shares while the remaining percentage was held with KBC Asset Management NV. In August 2016, KBC Asset Management announced its exit from the partnership and this remaining shares was purchased Union Bank of India. Thus, Union Bank now owns 100% shares of the Mutual Fund company.
Website : https://www.ubisl.co.in
UBI Services Limited is a wholly owned subsidiary of the Bank which was incorporated in November 1999. Besides being engaged in Institutional Equity Broking, trading of equity shares, CD/CPs, the company is currently sourcing retail loans like Housing, Mortgage, Education & Vehicle loans, MSME loans, Gold Loans and Credit Card for the parent Bank from the market along with other non-core back office support services. The Company has its headquarter in Thane and are expanding their footprints in other parts of India.
Andhra Bank Financial Services Limited is a 100% subsidiary of the Bank incorporated in the year 1991 for undertaking hire purchase and leasing activities. ABFSL commenced its business in July 1991. However, the Company had stopped its activities in August 1992 and being maintained as Non-Banking, Non-Financial Institution (NBNFI).
Acts as a trustee company for Union Mutual Fund
Chaitanya Godavari Grameena Bank is a Regional Rural Bank having its headquarters at Guntur, Andhra Pradesh. The Bank’s total assets stood at ₹ 11350 cr. as at 31st March, 2022. The Bank has total revenue stood at ₹ 1022.58 cr. and net profit of ₹ 162.34 cr. as at 31st March 2022. Website: https://www.cggb.in
Shareholders:
- Government of India : 50%
- Union Bank of India : 35%
- of Andhra Pradesh : 15%