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United Western Bank > Company History > Banks - Private Sector > Company History of United Western Bank - BSE: 500430, NSE: UNIWESTBNK

United Western Bank

BSE: 500430|NSE: UNIWESTBNK|ISIN: INE165A01013|SECTOR: Banks - Private Sector
United Western Bank is not traded in the last 30 days
United Western Bank is not traded in the last 30 days
Company History - United Western Bank
YEAR                                                    EVENTS
 1936 - The United Western Bank Ltd. was incorporated on 17th
 1956 - The Union Bank of Kolhapur and the Satara Swadeshi Commercial
              Bank were merged with the bank.  The Bank was elevated
 to grade      
              `A' in 1974.  It is a category-I merchant banker. 
              Automated Teller Machine was installed at Powai Naka
              Satara and another two machines are to be installed at
 1996 - The year was the diamond jubilee year of the bank.  The Bank
               managed 7 issues, underwrote a few and acted as
 collecting banker
               in 41 issues and appraised 7 projects.
            - The bank opened 3 new branches, first at Vanewadi,
 second a
               specialised agricultural finance branch at Kolhapur &
 third at
               Kolhrud, Pune.
            - 90,00,000 No. of equity shares of Rs 10 each issued,
               and paid-up.  30,00,000 No. of equity shares of Rs 10
 each were
                issued at a prem. of Rs 10 per share through a
 prospectus in Jan.
               1994 to the public.  During Oct./Nov. 1995, the company
               180,00,000 rights equity shares (prem. Rs 30) per
 share; prop.
               3:2.  1,12,278 shares were kept in abeyance.
            - During the year 1995-96, the banking industry faced a
 difficult situation
               due to liquidity crunch and stunted growth.   Primary
 market witnessed 
               subdued conditions due to lack of support from
 investors and financial
            - Bank entered into agreements of wage revision with the
 employee unions
               in the Bank.
            - Bank opened two new branches near Mumbai at Vashi and
               Both these branches are fully computerised.
            - The Bank has entered into wage agreements with both the
               trade unions, which are in alignment with the Industry
 1997 - The Bank opened 4 new branches, first at CIDCI Aurangabad,
              Kandivali (Mumbai), Islampur and a specialised Overseas
 branch at
              Nariman Point, Mumbai for exclusively transacting
              exchange business.
           - The bank started Depository Participant activity at Pune
              association with the National security Depository Ltd.,
              with active support of Pune Stock Exchange.
           -  In September, the Bank introduced a VASTUPURTI Housing
              Scheme.  This scheme is borrower friendly and
 tailor-made to suit
              the requirements of our customers.  
           - The Bank has tied-up with CMC LTD for providing
 centralised software
              solution for Branch operations and various delivery
 channels like ATMs,
              Telebanking, Internet Banking etc.
            - The Bank has joined the National Securities Depository
 Ltd. (NSDL) as 
               'Depository Participant' with a view to provide
 electronic storage and transfer 
               facility to its customers and share holders. 
            -  Directors Shri.R.J.Fernandes and Shri.M.D.Akolkar also
 ceased to be
               Directors, and in their place RBI has appointed
               and Shri.S.P.Rao as Additional Director and Alternate
 Additional Director respectively.
            - Three of the Directors, Shri.A.B.Gogte, Shri.R.R.Shalgar
 and Dr.A.S.Sathe, retired. 
 1998 -  Liberalisation measures such as withdrawal of Maximum
               Bank Finance (MPBF) and freedom to banks to asses
 working capital
               requirements, removal of prescriptive norms for
 consortium lending, 
               further rationalisation of CRR and SLR and a further
 deregulation of the 
               interest rate structure were introduced by Reserve Bank
 of India.
            - Bank launched innovative housing finance scheme for the
               of professionals, businessmen and salaried people.  
            - Shri. U.M. Chitale resigned from the office of Director
 and the resultant
              casual vacancy has been filled in by co-opting Shri.
 S.V. Joshi, renowned 
              industrialist from Satara. 
 1999 - Dr. Shri. N. A. Kalyani, a noted Industrialist, was co-opted
 as a
              Director on November 28,  Dr. Shri. K. R.  Chandratre
 was appointed
              as Additional Director on November 28.
           - The Bank has set up a Computer Lab at Training Centre to
 acquaint the employees to
               the rapidly developing era of Computerisation in
 Banking Industry.
 2000 - The Company has decided to issue Bonus Shares in the ratio of
              followed by issues of Right shares in the ratio of 1:2
 at a price
              of Rs. 20 per share (i.e. Rs. 10 + Premium of Rs. 10).
           - United Western Bank has launched two new schemes Gulmohar
              20-year recurring deposit scheme that provides interest
              protection to depositors and UWB Cash Equity a loan
              against demat shares.
           - United Western has launched the Apulki Kisan Credit Card
 Scheme under
              the Kisan credit card scheme of the government.
           - United Western Bank opened its 219th branch at Dombivali
 in Mumbai on 3rd 
            - Mr. Govind A. Lele has been appointed as Director.
            - United Western Bank signed a memorandum of understanding
 with Winrock
               International and Nimbkar Agril Research Institute in
 order to the entrepreneurs
               engaged in renewable energy.
           - Mr. Prabhakar Narayan Joshi has been appointed as an
 Additional Director.
           - The Mumbai-based development bank State Industrial and
 Investment Corporation of 
              Maharashtra signed a memorandum of understanding with
 United Western Bank to
              set up a joint venture enterprise to provide a wide
 range of financial and other services
               to non-resident Indians settled in the US and other
           - United Western Bank has entered into an agreement with
 SICOM, the single largest
              shareholder, for induction of three directors ending a
 dispute with the shareholders.
           - The United Western Bank, the Satara-based old private
 sector bank, which has recently
              been in the eye of a storm over differences between its
 shareholders, has signed a Letter of Intent
              (LoI) with CGU Life to market its products.
           - The Bank has tied-up with CMC LTD for providing
 centralised software solution for Branch 
              operations and various delivery channels like ATMs,
 Telebanking, Internet Banking etc.
            - During the year the Bank has opened five branches taking
 the total number of branches to 
              218.  In addition to this the Bank has also opened three
 `B' Category Foreign Exchange Centres.
            - The Bank has introduced Electronic Data Processing (EDP)
 Audit as stipulated by Jilani 
            - The United Western Bank Employees' Equity Trust acquired
 9,51,516 shares of the
               bank on December 30, taking its total holding to
 24,32,579 shares i.e. more than five per
               cent of the paid-up share capital of the bank.
 -Employees Equity Trust has acquired 9,51,516 shares of the Bank on
 December 30, 2000. With this acquisition, the Trust`s total holdings
 in the bank has gone up to 24,32,579 shares i.e. more than 5% of the
 paid up share capital of the bank.
 -N A Kalyani and K R Chandratre - have resigned from the bank board.
 and P N Joshi has resigned from the post of Additional Director of
 the Bank.  with effect from January 30, 2001.
 -Shri Mahesh A Athavale has been co-opted as the Additional Director
 with effect from February 24, 2001.
 -Ms. Prabha Kulkarni  appointed as a director on the banks board.
 She has been co-opted as a director to fill the vacancy caused by
 resignation of N A Kalyani from the board
 -The EGM is requisitioned for appointment of a nominee of the Reserve
 Bank of India and appointment of an independent Chairman of UWB. 
 -Approaches the Company Law Board (CLB) for restraining a group of
 - Sicom, the development finance institution of Maharashtra has once
 again joined hands with a group of shareholders of the United Western
 Bank to pitch for control of the Satara-based private sector bank. 
 - The Company Law Board (CLB) has appointed Mr C.R. Mehta, former CLB
 member CLB, as the Chairman
 -The state-owned financial institution, Sicom, has registered its
 protest with the Company Law Board (CLB) over alleged forged proxy
 voting in the election for the reappointment of directors at United
 Western Bank's (UWB) annual general meeting held in Satara.
 -Signed an agreement with CDSL on January 07, 2002 to act as
 Depository Participant. The Bank has appointed Mr. Dilip Gopal
 Patwardhan as Executive Director w.e.f. January 04, 2002.
 -Filed an application on March 05, 2002 u/s 111A(3) of the Companies
 Act, 1956
 -Dr K R Chandratre, resigned from the office of Director 
 -Petitions filed by the Bank against Makharia Group and SICOM Ltd.
 u/s 250,409 of the Companies Act, 1956.
 -Smt. P P Kulkarni one of the Directors of the Bank has resigned from
 the office of Director.
 -1) Shri A K D Jadhav ceased to be Director of the Bank with effect
 from October 31, 2003 since resigned; 2) Shri V K Jairath, Managing
 Director, SICOM Ltd. has been co-opted as a Director in the casual
 vacancy caused due to resignation of Shri A K D Jadhav.
 - Mr Satish Marathe, Chairman & CEO of United Western Bank has been
 re-appointed for a term of three years from December 31
Source : Dion Global Solutions Limited
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