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UBI gets Australian license

Union Bank of India has been granted a license by the Australian Prudential Authority to operate in Australia. The bank is getting the license after a four-year-long process. It will be the third Indian bank to have presence in Australia. The other two banks, which have already established their presence in the country are State Bank of India and Bank of Baroda. Union Bank of India will now convert its representative office in Sydney, set up in 2011 into a full-fledged branch. It is expected to offer loans, remittances, letters of credit, and guarantees. Arun Tiwari, CMD of the bank, said the bank wants to provide an extended help to the growing Indian diaspora in Australia and it would also like to work with the local banks.

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