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    (Wikipedia) - UCO Bank
    This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (March 2013)
    UCO Bank Type Traded as Industry Founded Headquarters Area served Key people Products Profit Owners Employees Website
    Public
    NSE: UCOBANK&section=7 UCOBANK BSE: 532505
    Banking, Financial services
    6 January 1943
    Kolkata, West Bengal, India
    Worldwide
    Arun Kaul (Chairman and Managing Director)
    Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management
    01510 Crores (2013)
    Government of India
    24,109 (2013)
    www.ucobank.com

    Uco Bank, formerly United Commercial Bank, established in 1943 in Kolkata, is one of the oldest and major commercial banks of India. Ghanshyam Das Birla, an eminent Indian industrialist, during the Quit India movement of 1942, had conceived the idea of organising a commercial bank with Indian capital and management, and the United Commercial Bank Limited was incorporated to give shape to that idea. The bank was started with Kolkata as its head office with an issued capital of 2 crores and a paid-up capital of 1 crore. During FY 2013-14, its total business was Rs 3550 billion. Based on 2014 data, it is ranked 1860 on Forbes Global 2000 List.

    The bank, along with 13 major commercial banks of India, was nationalised on 19 July 1969 by the Government of India. Its name was changed to UCO Bank, in 1985, by an act of parliament as a bank in Bangladesh existed with the name “United Commercial Bank”, which caused confusion in the international banking arena. As of 6 January 2013 the bank had 2500 Service Units spread all over India, with two overseas branches each in Singapore and Hong Kong. The bank has 44 Zonal Offices spread all over India.

    UCO Bank''s headquarters is on B.T.M. Sarani, Kolkata.

    Mr. Arun Kaul is currently the Chairman and Managing director of UCO Bank.

    Contents

    HistoryGhanshyam Das Birla,founder of UCO Bank

    G.D Birla, the doyen of Indian Industrial renaissance, conceived the idea of an Indian supporting bank after the historic "Quit India" movement in 1942. On 6 January 1943, the United Commercial Bank was established with its registered and head office at Kolkata, and with Birla as its chairman. The very first Board of Directors included eminent personalities of India drawn from many fields. The bank opened 14 branches simultaneously across India.

    After World War II, United Commercial Bank opened several overseas branches. The first, in 1947, was in Rangoon (]). Branches in Singapore (1951), Hong Kong (March 1952), London (1953), and Malaysia followed. In 1963 the revolutionary government in Burma nationalized United Commercial Bank''s three branches there, which became People''s Bank No. 6.[2]

    On 15 September 1967, United Commercial acquired Jalpaiguri Banking and Trading Corporation.

    The Government of India nationalised United Commercial Bank on 19 July 1969. The nationalized bank continued the operations of the overseas branches in London, Singapore, and Hong Kong. However, Malaysian law forbade foreign government ownership of banks in Malaysia. Therefore, United Commercial, Indian Overseas Bank, and Indian Bank contributed their operations in Malaysia to a new joint-venture bank incorporated in Malaysia, United Asian Bank, with each of the three parent banks owning a third of the shares. At the time, Indian Bank had three branches, and Indian Overseas Bank and United Commercial Bank had eight between them. In 1991, Bank of Commerce Bhd, a Malaysian bank, acquired United Asian Bank; in time CIMB came to own Bank of Commerce.

    In 1998, UCO closed its London branch. Bank of Baroda acquired the assets and liabilities, but not the personnel, who were made redundant.

    Current market position[edit]

    As on 31 March 2012, government share-holding in the bank was 65.19 per cent. Branch expansion started at a fast pace, particularly in rural areas, and the bank achieved several unique distinctions in Priority Sector lending and other social uplift activities. To keep pace with the developing scenario and expansion of business, the Bank undertook an exercise in organisational restructuring in the year 1972. This resulted into more functional specialisation, decentralisation of administration and emphasis on development of personnel skill and attitude. Side by side, whole hearted commitment into the government''s poverty alleviation programmes continued and the convenorship of State Level Bankers'' Committee (SLBC) was entrusted on the Bank for Odisha and Himachal Pradesh in 1983.

    The year 1985,the name ''United Commercial Bank'' was changed into UCO BANK by an Act of Parliament. Over the years, UCO Bank been regarded as one of the well known and vibrant banks in the country.[3]

    Structure[edit] Board of Directors[edit]

    As of September 2013, the UCO Bank Board of Directors has ten members:[1]

    Departments[edit]

    As of January 2013, UCO Bank''s functionality is distributed amongst 32 Departments:[4]

    Regional Management[edit]

    The governance of the Bank all around the nation''s respective regional areas is managed by a network of 41 Zonal Offices and 10 Circle offices present in major as well as crucial parts of the country.[4]

    Training[edit]

    The training of newly recruited as well as present staff is overseen by six training colleges around India[5]

    Presence[edit]

    The Bank''s Regional presence includes 2894 branches and 2074 ATMs.The near Future will see a growth in the number of ATMs and Branches.[6]

    International Presence[edit]

    Besides providing inland banking services through its vast network of branches in India, UCO Bank has a vital presence in the financial markets outside India. UCO Bank presently has four overseas branches in two important international financial centres in Singapore and Hong Kong and representative office at Kuala Lumpur, Malaysia and Guangzhou, China.and is considering proposals to open further branches in major financial centres across the globe.[7]

    UCOBANK has international presence for over 60 years now.

    The Bank’s Singapore Operations commenced from the 21st April 1951 with the opening of Singapore Main branch and subsequently Serangoon branch was opened in “Little India” on the 7th March 1959.The international linkage from Singapore is supported by a large number of Indian branches network through Integerated Treasury Branch, Mumbai.Other branches in India also provide international banking facilities through Authorised Branches of the bank.

    This international network is further augmented by correspondent arrangements with leading Banks at all important world centres in various countries.[8]

    Non Banking Subsidiaries[edit]

    The bank has requested the RBI for an approval for new Non Banking entities under its command.The new entities would ensure a complete market foothold.[9]

    Logo & Motto[edit]Logo Major Market Competition[edit]

    The major competitors of UCO Bank have always been the dominat entities of the Indian Banking Sector,namely State Bank of India, Punjab National Bank, Bank of Baroda, HDFC Bank, ICICI Bank, Axis Bank and Dena Bank.The earlier years saw a limited presence of rivals who were mostly public sector entities. But in the recent years, the surge of private banks like the ICICI and HDFC have marked the beginning of a multi spectrum competition. The liberalisation of the economy has also been an inviting aspect for the foreign banks,which will create a new war for customers and capital base.[12]

    Tags:Audit, Bangladesh, Bank of India, Bengal, Burma, CA, China, Communication, Dena, Forbes, Governance, Hong Kong, IPO, India, Kolkata, Kuala, Kuala Lumpur, London, Malaysia, Malaysian, Mumbai, Parliament, Singapore, UCO, UCO Bank, Website, Wikipedia, World War II


    Website:http://www.ucobank.com/



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