Second Indian bank sets foot in Bangladesh
United Bank of India (UBI), a public sector bank, has entered Bangladesh market with the launch of its representative office in Dhaka yesterday.
The bank has received approval from Bangladesh Bank, said Satish C Gupta, chairman and managing director of the bank, at a press conference at Dhaka Sheraton Hotel.
Initially, the bank's Dhaka office will help promote trade between the two next-door neighbours.
TM Bhasin, executive director of the bank, said UBI has a unique presence in the northeastern part of India.
UBI was the result of the merger in 1950 of four banks: Comilla Banking Corporation (founded in 1914), Bengal Central Bank (founded in 1918), Comilla Union Bank (founded in 1922) and Hooghly Bank (founded in 1932).
Headquartered in Kolkata, UBI is predominantly seen in the eastern and northeastern parts of India. Nearly two-thirds of the bank's 1,505 branches are located in those areas.
State Bank of India, another state-owned bank from India, has long been operating in Bangladesh.