The Hindu : Karnataka / Bangalore News : Union Bank of India to set up new branches

Online edition of India's National Newspaper
Saturday, Sep 02, 2006

Karnataka

Karnataka - Bangalore

Union Bank of India to set up new branches

Special Correspondent

The public sector bank will also set up 34 more ATM centres by March next

Bangalore: Union Bank of India plans to expand its presence in the State by opening seven new branches and 34 additional ATMs (any time money) by the end of March 31 next year, bank Chairman and Managing Director M.V. Nair announced here on Friday.

The bank has 88 branches in 24 districts of the State, of which 46 are under the core banking solution platform supported by 30 ATMs.

Mr. Nair said the bank would disburse an additional Rs. 600 crore by the end of the current fiscal.

It had a business of Rs. 4,882 crore in the State with deposits of Rs. 2,398.58 crore and advances of Rs. 2,484.10 crore.

Mr. Nair said the priority sector credit would increase to Rs. 1,160 crore by the end of the current fiscal of which Rs. 470 crore would be for agriculture.

Fund raising

Bangalore-based healthcare technology group firm, Avestha Gengraine Technologies Pvt. Ltd.'s fund-raising plans in a pre-IPO round got a boost on being named a Red Herring Magazine 100 Asia Winner for 2006 for disruptive innovation.

"This independent valuation of the company is gratifying at a time when we are raising fund for a pre-IPO round," said Villoo Morawala-Patell, founder and chief executive officer of the company.

Birla Sun Life

Birla Sun Life Insurance, one of the pioneers of unit linked insurance plans in India, has crossed an asset under management (AUM) of Rs. 2,500 crore. The AUM for Individual Life has exceeded Rs. 2,000 crore and for group Rs. 410 crore. The retirement plans have exceeded the Rs. 100 crore mark.

"We expect AUM to grow at a robust pace as the life insurance market is still under-penetrated," said Vikram Kotak, head-investments, Birla Sun Life Insurance.

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