UNION BANK OF INDIA (UK) LIMITED

Company number

07653660

Status

Active

Incorporation

2011-06-01

Last accounts made up

2025-03-31

Account category

FULL

Primary SIC

64191

Hubs

UK Fintech

Accounting basis

IFRS

Reporting scope

Consolidated (group)

Auditor

Forvis Mazars LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The financial statements have been prepared on a going concern basis. The Directors have a reasonable expectation that the Bank has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements, and for the foreseeable future. In reaching this conclusion, the Directors have undertaken a thorough assessment of the Bank's current financial position and future prospects. This included detailed consideration of: The principal risks and uncertainties facing the Bank, as set out in the Strategic Report. The strength of the Bank's balance sheet. Forecast profitability and cash flows. Capital and liquidity resources; and Alignment with the Bank's long-term strategic plan. The Bank's capital and liquidity management frameworks, including the Internal Capital Adequacy Assessment Process (ICAAP) and the Internal Liquidity Adequacy Assessment Process (ILAAP), have been rigorously tested under severe but plausible stress scenarios. These stress tests incorporated macroeconomic factors, including the potential impact of geopolitical tensions, regulatory shifts, and India's sovereign credit rating. Based on this analysis, the Board is satisfied that the Bank will remain in compliance with all regulatory capital and liquidity requirements throughout the forecast period. No material uncertainties have been identified that would cast significant doubt on the Bank's ability to continue as a going concern. Accordingly, the Directors consider it appropriate to prepare the financial statements on a going concern basis.”

Significant events

• “As per the World Bank forecast, global growth is projected to stabilise at approximately 2.7% in 2025-26, reflecting a low-growth equilibrium that may prove insufficient to drive inclusive or sustained development.”
• “Ongoing conflict in Ukraine, instability in the Middle East, and renewed escalation in the Israel-Gaza region continue to drive inflationary pressures and disrupt supply chains, fueling commodity market volatility.”
• “In parallel, the recent imposition of higher tariffs by the United States on a range of Chinese imports, including electric vehicles, batteries, and critical minerals, reflects a more assertive stance on industrial policy and economic security.”
• “Amid these challenges, the finalisation of the India-UK Free Trade Agreement in early 2025 represents a significant strategic milestone. Covering tariff reductions across 90% of goods, the agreement is projected to increase bilateral trade by £25.5 billion, enhance UK GDP by £4.8 billion, and raise UK wages by £2.2 billion annually over the long term—while offering substantial reciprocal gains for India.”
• “Ms. A Manimekhalai completed her tenure at the parent bank on 2nd June 2025 and, consequently, ceased to be a Director and Chair of Union Bank of India (UK) Ltd. with effect from 3rd June 2025.”
• “The Board agreed with management that the impact of US tariffs did not pertains to conditions existing as on 31st March 2025 Therefore this matter is a non adjusting post balance sheet event with no adjusted made to the financial statements.”

Auditor / going-concern / subsidiary information is extracted from the PDF version of the latest annual accounts and is not tagged in iXBRL. About these numbers