The Hindu Business Line : Allahabad Bank plans centralised retail boutiques

Hyderabad, Nov. 10 Allahabad Bank will be setting up 26 centralised boutiques as part its focus on expanding retail portfolio, Mr J. P. Dua, Executive Director, Allahabad Bank, said.

“We believe that speed and easy-processing hold the key to success in the market. The centralised retail boutiques will help in this regard,” Mr Dua told newspersons here on Tuesday.

The bank opened one such centre in Kolkata recently. “By the year-end, we will open centres in all regions,” he said.

The bank had registered strong growth in retail loans in the first half of the current fiscal at 13 per cent of its total assets of Rs 70,000 crore. In the comparable period last year, it was only about 5 per cent of the total assets.

“Till last year, some leading private banks had dominated the retail space. Now they have vacated it due to some fear. It is time for public sector banks to take over now,” he said.

During the last one month alone, about Rs 400-crore retail business was achieved, he added.

The car, home, educational and personal loans and sale of gold coins are the priority areas.

NEW BRANCHES

Plans are afoot to add 66 branches to its existing network of 2,284. “Out of these, 12 will be in South India including two in Andhra Pradesh,” Mr Dua said.

“To cater to the manpower needs of the new branches we will also be hiring significantly this year,” the executive director said.

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