Companies

City Union Bank to expand branch, ATM network

| | Updated on: Apr 02, 2014

City Union Bank plans to add 75 branches by the end of the current calendar year to take its network to 500 branches.

With the four new branches it launched on March 30 at Dharmapuri, Salem, Erode and Coimbatore, it now has 425 branches across the country. It also plans to expand its ATM footprint to 1,250 by that time, up from 950 now.

Recently, the bank upgraded its core banking solution from TCS Quartz to TCS BaNCS at a capex of ₹25 crore. The upgraded version will enable the bank to connect more branches to its core system. “With the upgraded version, the bank can expand its footprint as widely as we would want to in the next several years to come,” said N Kamakoti, CEO and Managing Director, City Union Bank.

The total business of the bank stood at close to ₹37,000 crore at the end of the third quarter of FY14 — a growth of 10 per cent over the corresponding period of the previous year. Gross non-performing assets at the end of the quarter stood at 1.7 per cent, and net NPA at 0.89 per cent.

N Kamakodi, who had earlier said the bank was evaluating the option of selling some of its NPAs to asset reconstruction companies, said the bank was not in a tearing hurry to do that as its asset quality was one of the best in the industry.

Published on November 25, 2017

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