State run lender Union Bank of India inaugurated its representative office in Sydney, Australia, on Wednesday and plans to upgrade its operations through a full-fledged branch or through a subsidiary bank in the country.
A press statement released by the bank stated, “Australia is one of the focused countries in the expansion plan of UBI and the lender has made a beginning by setting up the representative office.”
The bank stated that it has identified four growth centres, namely, South-east Asia, East Asia and Australia, African sub-continent, and Gulf countries for its future expansion plans abroad. Currently the bank has a branch in Hong Kong, which was also its first foray into overseas ventures, and representative offices at Shanghai, Abu Dhabi and Beijing.