Business Daily from THE HINDU group of publications
Friday, Aug 17, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Aug 17, 2007 ePaper |
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Money & Banking
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Private Banks Centurion to expand forex unit
K.R. Srivats New Delhi, Aug. 16 The Centurion Bank of Punjab’s foreign exchange services (FES) division plans to expand its geographical presence to 106 locations in the country by end-March 2008, Mr Sudarshan Motwani, Head-Foreign Exchange Services of the bank, has said. This division, which offers travel-related foreign exchange services, is currently working out of 65 locations from 23 different cities. Last year, this division handled about $1.2 billion equivalent of forex. “This business is all about distribution. With number of Indians travelling abroad on the rise, we cannot ignore distribution. We need to have pan-India presence and also penetrate more into the tier-II cities. By the end of March 2008, we want to expand presence to 106 locations comprising 88 branches and about 18 offsite locations. In the next year (2008-09), offsites will see faster growth than branches,” Mr Motwani told Business Line. Mr Motwani is also betting more on outward remittances.
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