Syndicate Bank is planning to open a regional office here after strengthening the branch network, according to Executive Director M. Anjaneya Prasad.
He was speaking to presspersons here on Wednesday after the inauguration of the bank’s ninth branch in the city on Sankaramatham Road (Madhuranagar) on Wednesday. It was the 2,777 branch of the bank and 411 branch in Andhra Pradesh. The branch was opened by Dredging Corporation of India CMD D.K. Mohanty.
Prasad said the bank had a good network in Karnataka and other parts of the country. The bank had now decided to focus on improving network in Visakhapatnam, he said.
The bank opened four branches in the city in 10 months and another branch will be set up at Naiduthota during the current fiscal. He said they had set the target of 3,000 branches by March 31.
Syndicate Bank branches from Srikakulam to Guntur have a business of Rs 4,000 crore, of which the advances account for Rs 2,400 crore. He said the bank had the highest number of branches in Andhra Pradesh after Karnataka and they had the third best network after Andhra Bank and State Bank of India in the State.
Bank’s Deputy General Manager P. Raja Reddy and Assistant General Manager R. Jayaprakash also participated in the function.