UCO Bank stands for United Commercial Bank. It is a Govt. of India Undertaking as well as a commercial bank. Its Board of Directors comprises government officials and eminent professionals like accountants, management experts, businessmen, economists etc. Its headquarters is in Kolkata. The current (as of October 2017) MD & CEO of UCO Bank is Shri R.K. Takkar.
Its vision is to be a most trusted, admired and world class financial institution and to be the most preferred place for every customer and investor.
- To achieve sustained growth of business and profitability.
- To fulfill the socio-economic obligations.
- To excel in customer service by upgrading the skills of staff and through state-of-the-art technology.
- Country-wide presence
- Strong Capital Base
- High Proportion of Long Term Liabilities
- Diversified Asset Portfolio
- Large and Diversified Client Base
- All Branches operate under Core Banking Solution (CBS)
UCO Bank is in the service of community since 1943. Today, it has more than 3000 Service Units in different cities of the country. It also operates in Hong Kong and Singapore and has correspondents all over the world. It has more than 50 centres in India for Foreign Exchange Business. Some of its popular services are as follows:
- Personal Banking
- Corporate Banking
- International Banking
- Rural Banking
- Govt. Business
It has 42 Zonal Offices in different parts of the India. The branches in different geographical areas report to the respective zonal offices. The zonal office is headed by Senior Executive or Deputy General Manger based on size of business and importance of location. The zonal office reports to the circle office which is headed by General Managers or senior Deputy General Managers.
- The United Commercial Bank Ltd. was established on 6 January 1943 with its head office in Kolkata.
- It was nationalized by the Government of India on 19 July 1969 and 100% ownership was taken over by the government.
- In the year 2003-04, it had gone for Rs. 200 crore of IPO.
- As of 3rd March 2012, the Government Share-holding of the Bank was 65.19 percent.
- In 1972, the bank undertook an exercise in organizational restructuring to expand its business.
- In 1983, the convenorship of State Level Bankers’ Committee (SLBC) was entrusted on the Bank for Odisha and Himachal Pradesh.
- In 1985, It was renamed UCO Bank by an act of Parliament.