UCO Bank was established in 1943 as a nationalized commercial bank India. Mr. Birla was the one who was a famous industrialist back then came up with the idea found the bank at that time, after the 'Quit India Movement’, which in 1942.
Finally in 1943, United Commercial Bank Ltd was established and its head office was based at Kolkata.
The bank had representatives from various professional fields such as management experts, accountants, businessmen and economists among others as its board directors.
Nearly 75% of the bank’s listed shares are controlled by the Indian government. United Commercial Bank has helped out in various development products in all sectors of the economy. These include trade agriculture, services, industry, infrastructure and trade.
The bank was among 13 main banks in India that were nationalized in 1969. . Shortly after the nationalization, the bank grew very fast. In 1972, the bank started an exercise to reorganize and restructure so that it may be up to date with the days developing trends.
Thereafter in 1985, the bank changed its name from United Commercial Bank to UCO Bank following an act of Indian parliament. By 2005, UCO had over 2000 branches across India. One of the main features of the bank was the conception of ‘NO HOLIDAY' banking where these branches were open 365 days yearly.
The bank has digitized its entire branch network both locally and internationally by acquiring the latest technology which is used in the branches that are located both in India and abroad.
The banks strengths are; presence through out the country, presence overseas with overseas operations that are profitable, a base capital that is strong, long term liabilities that are of high proportion, an asset portfolio that is well diversified, a diversified client database that is large and major centers that are fully computerized.
Having their head office in Kolkata, the UCO Bank has over 2,000 branches through out the country and has regional representative of 35 offices. The bank has it’s presence in 2 Asian cities which are Hong Kong and Singapore. The bank has over four hundred ATMs all over the states of India.
Products and services offered by UCO Bank are ranging from Foreign Currency Loans, Remittances, NRI Banking, Resident Foreign Currency for Domestic Deposits, Finance Services to Exporters and Importers, Forex and Treasury Services, Correspondent Banking Services to any other General Banking Services.