This article needs additional citations for verification. UCO Bank, formerly United Commercial Bank, established in 1943 in Kolkata, is a major government-owned commercial bank of India. Based on 2014 data, it is ranked 1860 saraswat bank forex centres Forbes Global 2000 List.
UCO Bank was ranked 294th among India’s most trusted brands according to the Brand Trust Report 2014, a study conducted by Trust Research Advisory. Ghanshyam Das Birla, an eminent Indian industrialist, during the Quit India movement of 1942, 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. Birla was its chairman and the 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. In 1963 the Burmese Government nationalized United Commercial Bank’s three branches there, which became People’s Bank No.
JTBC had only one office and specialised in lending against mortgages on tea gardens. The Government of India nationalised United Commercial Bank on 19 July 1969. The nationalised 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. An act of parliament changed the bank’s name to UCO Bank in 1985, as a bank in Bangladesh existed with the name “United Commercial Bank”, which caused confusion in the international banking arena. 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. 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. The governance of the Bank all around the nation’s respective regional areas is managed by a network of 42 Zonal Offices and 8 Circle offices present in major as well as crucial parts of the country. The Bank’s Regional presence includes 3,078 branches and 2564 ATMs. The near Future will see a growth in the number of ATMs and Branches.
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. UCO Bank has international presence for over 60 years now. The Bank’s Singapore Operations commenced from 21 April 1951 with the opening of Singapore Main branch and subsequently Serangoon branch was opened in “Little India” on 7 March 1959.
The international linkage from Singapore is supported by a large number of Indian branches network through Integrated 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. 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.
The logo of UCO bank consists of a pair of clasped hands covered with an octagonal structure. It has been coloured blue since the organisation’s inception, blue representing the Bank’s national responsibility. The background has remained yellow since the beginning as well. The motto UCO Bank is “Honours your Trust”. Names of Training Centres with their Email IDs”.