The Hindu Business Line : Union Bank to add eight branches in Vizag region

Visakhapatnam, Jan. 30 Eight more branches will be opened during the year by the Union Bank of India in Visakhapatnam region, taking the total to 40, according to Mr L.N.V Rao, General Manager.

At a press meet here on Wednesday after inaugurating an on-site ATM at the Dwarakanagar branch, he said the new branches would be located at Visakhapatnam, Kakinada, Rajahmundry, Saluru, Bobbili, Parvathipuram, Rajam and Palasa in the region comprising Srikakulam, Vizianagaram, Visakhapatnam and East Godavari districts.

He said the region was having 20 ATMs and six more would be added before the end of the financial year. Besides, on-site ATMs would be opened at all the new branches.

Referring to the overall growth of the bank, he said it was currently placed fifth among the public sector banks and plans to reach the second slot at least by 2012. “We are aiming at 35 per cent annual compounded growth rate and our strategy focuses on four key areas – retail loaning, credit supply to the SMEs, centralised processing and branch-level sales and services. The idea is to relieve the bank staff of our routine work and engage them in marketing our products,” he said.

He said the bank’s deposits as on December 31, 2007, were Rs 99,227 crore and the advances Rs 74,251 crore. By the end of March, the deposits might be Rs 1,05,000 crore and the advances Rs 85,000 crore.

He expressed the confidence that the targets would be attained.

The business mix in the Visakhapatnam region was Rs 1,352 crore, with deposits accounting for Rs 546 crore and advances Rs 806 crore. He said that 65-68 per cent of the total business was being contributed by the 10 branches in Visakhapatnam city.

“This is an imbalance we want to correct. We are happy that the city branches are doing well but the other branches should also contribute more,” he said.

However, he said, this was not something peculiar to Visakhapatnam, but it should be corrected nevertheless.

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