Union Bank sets ‘RACE’ goal as its strategy of getting among top 3 PSBs

A. Manimekhalai, MD & CEO of Union Bank of India (UBI), wants Union Bank of India to surpass other Public Sector Banks and take the third-largest Public Sector Bank position in a time of few years. Union Bank of India may even take into consideration buying a bank along the route. Manimekhalai, who became UBI’s first female leader on June 7th, emphasised that the bank has set “RACE” as its aim for the year.

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KEY POINTS:

• RACE stands for:

1. Grow RAM (retail, agriculture, and MSME) loans,
2. Improve Asset quality,
3. Boost CASA (current account, savings account deposits), and
4. Increase Earnings.

• The MD of Union Bank of India wants the bank to rank among the top three PSB lenders, be the industry leader in a few niche markets, and be a contender in government-sponsored programmes.
• Regarding the fundamentals of being one of the top three PSBs, the bank’s profitability and net interest margin should rise, the non-performing asset ratios should drop, and the capital to risk-weighted asset ratio must rise.
• These are the fundamental criteria that Union Bank of India is considering and targeting.

About Union Bank Of India:

Union Bank of India, sometimes known as Union Bank or UBI, is a government-owned bank in India with over 120 million clients and US$106 billion in annual revenue. The combined organisation became one of the largest PSU banks in terms of branch network with the combination with Corporation Bank and Andhra Bank, which went into effect on 1 April 2020. There are currently about 9500 branches. Four of them are abroad, in Sydney, Dubai, Antwerp, and Hong Kong. Additionally, UBI has representational offices in Abu Dhabi, Beijing, and Shanghai. Union Bank of India, UBI’s wholly owned subsidiary, conducts business in the United Kingdom (UK).

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