Money & Banking

UCO Bank eyes Gujarat, UP, South for branch expansion

| Updated on: Apr 27, 2011

Kolkata-headquartered public sector bank, UCO Bank, said on Monday that it expected to exceed the Rs 2.45-lakh crore business target set in 2010-11. The bank expects its credit to grow by 20 per cent and deposits by 18 per cent.

“We are hoping to clock a total business of over Rs 2.45 lakh crore in the financial year ended March 31, 2011. Our credit and deposits during the year have grown too,” Mr Ajai Kumar, Executive Director, UCO Bank, said here on Monday.

He pointed out that the bank was planning to set up around 800 branches and 2,500 new ATMs across the country within two years. Currently, the bank has around 2,200 branches and 568 ATMs.

The bank will focus on setting up new branches in Gujarat, Uttar Pradesh and the South where it does not have a “significant presence”.

New products

Maintaining that mobile banking was likely to overtake Internet banking in the coming years, he said UCO Bank will try to create better brand recall by offering new products, which will help the bank attract new customers.

The bank, on Monday, entered into a tie up with Religare Securities to offer online trading options to its customers. Initially, the online trading facility will be available in select branches of the bank. Later it will be introduced in all branches of the bank.

Religare Securities, a wholly-owned subsidiary of Religare Enterprises Ltd, has a tie up with seven other banks that include Corporation Bank, IndusInd Bank, Andhra Bank, Karur Vyasya Bank, Union Bank, Tamilnad Mercantile Bank and Bank of Maharastra. This is the eighth bank that Religare has tied up with.

Published on April 27, 2011

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