First Union has, through its representative office in Mumbai, both fund-based and non-fund based trade exposures with banks and financial institutions in India. Its focus during the coming years will continue to be on trade finance, said officials of the bank who were in Mumbai. "Though we are looking at other areas as well, trade finance will continue to be the principal area for extending credit to banks," said Michael Heavener of First Union Bank.

First Union Bank has four branches throughout the Asia-Pacific region, and working with its 28 representatives across the world, the bank has managed to emerge as one of the lead players in corporate and institutional trade transactions.

First Union Bank has posted a 35 per cent rise in itsoperating earnings to $1 billion during the third quarter of 1998. As on September 30, 1998, the bank had assets worth $234.6 billion, while the bank's total deposits stood at $138 billion. The bank has a credit base of $133 billion and has been ranked the sixth largest commercial bank in the United States. The bank has grown through a series of acquisitions and is active in both retail and wholesale banking operations.

First Union opened its Mumbai representative office in 1996 and has corporate relationships in all the major cities including Chennai, Calcutta, New Delhi and Bangalore.

The bank's capitalisation and financial stability have fetched it long-term debt ratings of Aa3 from Moody's, an AA- from IBCA and A+ from Standard & Poor's.