Union Bank of India Nominates A K Vinod as chief compliance officer


Union Bank of India Nominates A K Vinod as chief compliance officer

State-owned Union Bank of India has announced that it has nominated A K Vinod as its chief compliance officer.

A K Vinod is presently serving as the chief general manager, has now been nominated as the chief compliance officer with effect from June 1, 2021 in place of K L Raju, general manager, the lender said in a regulatory filing.

50 years old Vinod has been handling MSME and small corporate vertical of the bank, has been nominated as the CCO for a minimum period of three years.

Union Bank of India (UBI) was registered on 11 November 1919 as a limited company in Mumbai and it has been inaugurated by Mahatma Gandhi. During India's Independence in 1947, UBI only had four branches – three in Mumbai and one in Saurashtra, all focused in key trade centres. Post-Independence UBI ignited its growth and by the time the government nationalized it in 1969, it had grown to 240 branches in 28 states.

Shortly after nationalization, UBI merged in Belgaum Bank, a private sector bank established in 1930 that had itself merged in a bank in 1964, the Shri Jadeya Shankarling Bank. Then in 1985 UBI merged in Miraj State Bank, which had been established in 1929. In 1999 the Reserve Bank of India requested that UBI acquire Sikkim Bank in a rescue after extensive irregularities had been discovered at the non–scheduled bank. Sikkim Bank had eight branches located in the North–east, which was attractive to UBI.