Financial Daily from THE HINDU group of publications
Saturday, Oct 22, 2005
Financial Daily from THE HINDU group of publications Saturday, Oct 22, 2005 |
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Money & Banking
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Private Banks Centurion Bank of Punjab to have retail focus Our Bureau
(From right) Mr Satanu Mukherjee, Country Manager South Asia, Visa International; Mr Harpreet Singh, Head, Branch Banking & Wealth Management Services, Centurion Bank of Punjab; Mr Vivek Vig, Country Head, Retail Bank, Centurion Bank of Punjab; and actress Sandhya Mridul at a press conference in Mumbai on Friday. - - Shashi Ashiwal
Mumbai , Oct. 21 CENTURION Bank of Punjab, formed by the merger of Centurion Bank and Bank of Punjab, will focus on increasing its retail business. The bank is looking to earn 75 per cent of its revenues from this segment, said Mr Vivek Vig, Country, Retail Bank, Centurion Bank of Punjab. While Centurion Bank's focus was on two wheeler loans and commercial vehicle loans, Bank of Punjab was strong in deposit mobilisation, forex operations, SME and the agriculture segment. Post-merger, the bank planned to introduce retail products such as personal loans and mortgages. "There is no business overlap between the two banks," said Mr Vig. He was speaking on the sidelines of a meeting to launch the bank's pre-paid card in association with Visa, called Centurion Best Wishes Card. The card is available in multiples of Rs 500 with a maximum limit of Rs 50,000. Initially the card will be available in Delhi and Mumbai, but will be rolled out in other cities in a few months. It can be used at over one lakh Visa outlets across the country. The bank had got permission from the Reserve Bank of India to function as separate entities till December 31, 2005, said Mr Harpreet Singh, Head-Branch Banking and Wealth Management, Centurion Bank. The new logo will be unveiled in a few weeks, after which the branding exercise will also be launched.
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