Financial Daily from THE HINDU group of publications
Thursday, Mar 23, 2006
Financial Daily from THE HINDU group of publications Thursday, Mar 23, 2006 |
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Money & Banking
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Private Banks SIB plans to expand branch network Our Bureau
Kochi , March 22 The South Indian Bank (SIB) plans to expand its network to 500 branches spread across 22 States, build a networth of close to Rs 1,000 crore and attain a total business volume of Rs 25,000 crore by the end of 2008. At the inaugural function of the 435th branch at Chinglepet, 50 km from Chennai, Dr V A Joseph, Chairman said the bank should be achieving a 15 per cent growth in business, to touch Rs 16,000 crore at the end of the current fiscal. Pursuing aggressive recovery measures, the bank also plans to bring down the net-NPA level from last year's 3.81 per cent. "We are always committed to serve our customers with updated technology, blended with the tradition and trust of past 77 years. It is part of our efforts to provide convenience banking with ATMs, Internet and mobile banking even for our customers at remote and rural places," he said. Before the end of the year, the bank plans to spread to Uttar Pradesh and Orissa and extend its network to 450 branches spread across 19 States.
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