Union Bank aims to be largest nationalized bank by 2012

Union Bank of India is aiming at emerging as one of the largest
nationalized banks in the country by the year 2012 with a presence
across the world and diversified business portfolio. The bank is
planning to achieve this aim by giving importance to technology,
process and people, reports Economic Times.

All the 2,400 branches of the bank will be brought under CBS platform
by March 2008. As part of this, the bank is looking at diversifying
into mutual fund business and will also explore the possibility of
entering the area of venture capital. This was decided by the board at
its meeting convened at Thiruvananthapuram.

Union Bank is also looking at entering into diversified businesses via
subsidiaries or joint ventures. The bank has already entered into JV
for life insurance business with Dai Ichi Life Insurance Corporation,
Japan, and Bank of India.

The bank has plans to recruit 4,000 employees per annum in the coming
four years, as part of its talent management initiatives. To expand
its presence across the world, the bank is looking at spreading out in
around 20 locations and will also look at possibilities of acquisition
abroad.


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sources