The Hindu Business Line : Federal Bank to hire 3,000 in 2-3 years

Bucking the global trend: Mr M. Venugopalan, Managing Director & Chief Executive Officer, Federal Bank, addressing a press conference in the Capital on Saturday.

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New Delhi, Nov. 22 At a time when banks and financial institutions abroad are shedding jobs following the global financial meltdown, private lender Federal Bank has said that it plans to recruit nearly 3,000 persons in the next 2-3 years.

“We are looking to recruit 1,000 people every year for the next two to three years. This year we have already recruited 700 and 100 more will soon be joining us,” Mr M. Venugopalan, Managing Director & CEO, told a press conference here.

The bank, which is the fourth largest private bank by networth, aims to expand its network to 1,000 branches with a business of Rs 1 lakh crore by 2011. As of now, Federal Bank has a workforce of 7,300 people.

“There is enough scope for us to grow. We have just over 600 branches now. This year we will add little over 70 branches.

“We are now focusing on human resources. There is adequate capital and technology with us,” Mr Venugopalan said.

He also said the bank has no plans to raise more capital for the next two years and that the bank’s capital adequacy ratio stood at 20 per cent.

“We are quite comfortable on this front,” the Federal Bank CEO noted.

Global banks and financial institutions such as Citigroup, J P Morgan, HSBC and others, which have a presence in India, had recently announced job cuts in the wake of the global financial turmoil.

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