The Hindu Business Line : `Syndicate Bank has buying capacity'

THE Chairman and Managing Director of Syndicate Bank, Mr N. Kantha Kumar, has expressed confidence that the bank is in a position to acquire other banks, if opportunities come in its way.

He told newspersons here that Syndicate Bank is known for taking over banks. "During 1953 to 1961, we have taken over 21 banks. With a comfortable capital adequacy ratio and experience in taking over banks, we are in a good position to avail of the opportunities as and when they come," he said.

However, Mr Kumar said that there are no specific plans.

BPO by March

He said that the bank plans to begin operations in the BPO segment by the end of the current financial year. The Union Government has given the green signal for the BPO initiative of the bank.

"We have moved the Registrar of Joint Stock Companies to form a 100 per cent-owned subsidiary. That is in the process. ," Mr Kumar said.

After the implementation of CBS in the bank, the bank will be left with nearly 1,000 surplus staff. "We will not opt for VRS employees. We want to use them in BPO segment," he said.

Apart from this, the bank is also planning to cross sell mutual fund products, he added.

Dubai branch

The bank, which has branch in London, is planning to open representative offices in Dubai and South Africa. He said that the bank has applied for licences to the Reserve Bank of India in this regard. The bank, which recently upgraded its 98 extension counters into full-fledged branches, has got licences for opening another 30 branches.

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