Business Daily from THE HINDU group of publications
Wednesday, Jun 04, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Wednesday, Jun 04, 2008 ePaper | Mobile/PDA Version | Audio |
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Money & Banking
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Business Models Corporation Bank plans business verticals
Growth strategy: Mr B. Sambamurthy, CMD, Corporation Bank, and Mr M. Narendra, Chief General Manager, at an Analysts Meet in Mumbai on Tuesday. – Our Bureau Mumbai, June 3 Mangalore-based Corporation Bank is planning to set up business verticals such as corporate credit, retail and SME, which will help to focus better on growth, the Chairman and Managing Director, Mr B. Sambamurthy, has said. Speaking at an analyst meet here on Tuesday, he said the SME vertical will be based in Pune and the corporate credit vertical will be based in Mumbai, for closer interaction with customers. The bank is focusing on the SME sector in a big way this year for which it will set up SME processing cells at key centres. The SME sector will help in increasing the share of high yielding advances and also help in pushing up fee income and the share of low-cost CASA (current account savings account) deposits, Mr Sambamurthy said. The approval for its Dubai representative office is likely to come through this month. Other countries the bank is looking to expand include Hong Kong, China and London. Mr Sambamurthy said he expects credit growth to continue in the current fiscal, with robust growth in industries such as steel, cement and infrastructure, due to capacity expansion. However, he also indicated that lending rates could see slight upward revision. Under the Central Government’s farm debt waiver scheme, Corporation Bank is likely to waive Rs 200 crore worth loans. Corporation has a stake of 3.63 per cent share in MCX and may look to divest a marginal 0.63 per cent during the public listing of the commodity exchange. More Stories on : Business Models | Public Sector Banks
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