The Hindu Business Line : UTI Bank arm eyes Rs 2,000-cr retail assets

UBL Sales Ltd, the newly floated wholly owned subsidiary of UTI Bank Ltd, has set its eyes on mopping up retail loans of Rs 2,000 crore and issue one lakh credit cards by the current fiscal, according to its Chairman and the UTI Bank Executive Director, Mr S. Chatterjee.

Addressing newspersons after inaugurating the office of UBL Sales here on Thursday, the second one in the country, he said UBL Sales would be setting up large dedicated sales force for retail asset products and credit cards and a strong branch network.

Currently having a sales force of around 600, the subsidiary plans to recruit 3,500 sales executives and set up a network of 42 branches across the country before the fiscalend.

According to him, being a sales outfit, the subsidiary company would concentrate solely on driving sales of various retail loan products to the existing and new customers with a significant thrust not only on the quantum of retail assets but also on their quality.

On the expansion of UTI Bank's delivery channels, Mr Chatterjee said the bank currently has 415 branches and 2,000 ATMs across the country and plans to add 85 branches to the network this fiscal year, for which it has already obtained the necessary RBI approvals.

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