ICICI Direct research report on Union Bank of India
Registered in 1919 and amalgamated with Andhra Bank and Corporation Bank in 2020, Union Bank of India is a public sector bank with diversified financial services to cater to customers across segment. Global business mix stands at ₹20.7 lakh crore; advance book at ₹9.96 lakh crore. Bank has large presence with employee base of ~76,300, pan India presence with 8,479 branches and 9,889 ATM.
Outlook
At CMP, the stock is trading 0.9x FY26E ABV which seems reasonable with steady growth to drive valuation. Assigning a multiple of ~1.1x FY26E BV, we ascribe target of ₹ 180 per share and a BUY rating.
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