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Executive Summary :
Internship Report: “Retail Banking in Union Bank Limited”. This report is based on retail banking of union bank ltd. Union Bank is a commercial bank operating in Bangladesh, offering a range of financial products and services to its customers.
Union Bank PLC a shariah-Based Bank in Bangladesh, was incorporated on March 7, 2013 under the companies act of 1994. Gulshan Branch is the first opening branch of union bank in May 20, 2013. As a fourth-generation private Islamic bank, Union Bank PLC is listed on the Dhaka Stock Exchange (DSC).
In terms of lending Union Bank provides a various types of loan products designed to meet the financial requirements of individual customers and businesses. As a financial institution, Union Bank ltd. Is dedicated to delivering quality banking services to its customers, contributing to the overall financial inclusion & economic improvement of the country.
| Report Title : | Retail Banking in Union Bank Limited. |
| University Name : | BRAC University |
| Submitted To : | Dr. Md. Mamun Habib |
| Submitted By : | Muhammad Taufiqul Islam |
| Total Page : | 46 |
Banks are expected to support their communities with an adequate supply of credit for all legitimate business and consumer financial needs and to price that credit reasonably in line with competitively determined interest rates. Indeed, making loans is the principal economic function of banks to fund consumption and investment spending by businesses, individuals, and units of government. The objective of the report is to understand &analyze Retail Banking of Union Bank Limited.
Throughout the period I went through the practical aspects of Retail Banking Department of a bank Management of Union Bank Limited. This report is an attempt to analyze the overall Retail Banking Management of this bank. Retail Banking is an important catalyst for bringing about economic development in a country. This report is divided into Four Parts. First part covers Introduction of the report.
In first part mainly focused to discuss about origin, objective and limitation of the report. Second part covers the overview of Union Bank Ltd. In this part the overall status of the company is highlighted. Especially the structure, corporate profile, services and the other status of Union Bank Ltd. Third part covers the Retail Banking system of Union Bank Ltd. In this part the services of retail banking of Union Bank are discussed broadly.
Key Features of Online and Mobile Banking
Integrated Experience
Our digital banking interface offers a modern, user-friendly design that adapts seamlessly to any screen size or device. The intuitive navigation ensures easy access to all your accounts and essential functions.
Unified Design
The system provides consistent functionality across both online and mobile banking platforms, including:
- Bill Pay
- E-Statements
- Other essential services
Mobile Banking
Our mobile banking app delivers the same comprehensive features as online banking, including bill pay. The app is available for download at your convenience.
Move Money
Enjoy flexible options for managing your finances:
- Transfer funds between your Union Bank accounts.
- Move money to and from accounts at other financial institutions.
- Send money to other Union Bank account holders.
- Pay individuals outside of Union Bank using just their email address or mobile number with the Union Bank P2PHub—a free person-to-person payment service launching in Summer 2022.
Tools to Simplify Money Management
- Personal Financial Management and Budgeting Tools: Track and plan your finances with ease.
- Account Aggregation: View balances and transactions from accounts you hold at other financial institutions, such as credit cards, loans, deposits, and investments.
- Account Grouping: Organize accounts by purpose or owner for better financial oversight.
Advanced Security Features
- Multifactor Authentication: Secure your banking sessions with authentication via email, SMS, or voice call when logging in from an unrecognized device or browser.
- Transaction Verification: Additional authentication for high-dollar transactions to enhance security.
Standard Features
- View account balances and transaction history.
- Deposit checks using our mobile app.
- Pay bills quickly and conveniently.
- Place stop payments.
- Communicate securely with Union Bank through our messaging system.
Achievements Of Union Bank Ltd.
- Launched a seamless digital banking platform.
- Introduced Union Bank P2P Hub for easy person to person payments.
- Enhance full security with multifactor authentication.
- Union Bank provided robust financial management tools for clints.
Key Activities in Bangladesh:
- Brach Network: Union Bank PLC has established branch network across all over the Bangladesh to provide accessible banking services to its clints. As of now union bank has 114 branches nationwide.
- Trade & Advisory Services: Union Bank comprehensive solutions for importers and exporters, including letters of credit (LC), and other documentary collections. Advisory services provide financial guidance and consultancy to help businesses achieve their goals.
- Corporate and SME Banking: In corporate banking union bank financing option for large scale business operations including working capital, trade finance and project finance.
SME banking customized financial products to support small and medium sized all business, such as short-term loans, revolving loans and overdraft facilities.
Recent Financial Statement of Union Bank PLC:
The most recent financial statement of Union Bank ltd. Provide as below of its performance in 2024.
- Profit Growth: In 2024 First Quarter union bank net income rose to BDT. 378.82 million from BDT. 353.9 million in the same period the previous year with earning per share increasing to BDT 0.39 from BDT 0.34. In Nine Months Ending September 30, 2024 union bank net income decreased BDT 147.66 million from BDT 1367.5 million in the corresponding period of 2023. Its EPS dropping to BDT 0.14 from BDT 1.35.
- In 2021, the bank reported a 5% increase in net profit during the January to September period of 2021, coinciding with stock market debut. But in 2024 First Quarter
For a complete other information of Union Bank PLC including total branch list, address, contact information, financial statements, services, loans you can visit union bank official website https://www.ublocal.com/.
