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| UBI to be an active partner in J&K's progress: Chairman | | | EARLY TIMES REPORT
JAMMU, May14: Union Bank of India (UBI) will be partner in Jammu Kashmir's progress as it has ambitious expansion plan of taking its branches strength to 10 by the year 2010-2011 and further to twenty branches by the end of year 2011-12.
This was disclosed by MV Nair, Chairman & Managing Director, Union Bank of India while interacting in a Customers meet. Nair thanked the Customers for their valuable suggestions and responses and assured that the Bank will bring further strengthen the trust with its customer base.
Nair, who is also on his maiden visit to Jammu and Kashmir is also the Chairman of Indian Banks Association (IBA), an apex body of all the banks in India.
He will also visit the Bank's Udhampur Branch which he said is the extension of services.
The Officials of the bank told customers and the media persons that Union Bank of India has been growing at a rate which is 4.5 percent more than the industry rate for the last 3 consecutive years.
For the just concluded year 2009-10, the bank posted excellent results with total business exceeding Rs 287900 Crore, profit of Rs 2075 Cr, Return on Average assets 1.25 percent and cost to income ration of 40.66 percent which is one of the best in the industry.
The Bank has recently opened a branch at Udhampur and has plans to open 5 more branches in the state during current year. For the current year, the bank has projected to grow by 25 percent.
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