nayak
Allahabad Bank is strengthening its presence in the State by expanding its branch network.
The 147-year old bank today opened its 2459th branch at Kalapatti in Coimbatore, making it the second branch in the city and 51st in the state of Tamil Nadu.
It plans to open three more branches at Namakkal, Thanjavur and Tirunelveli soon
The bank's Executive Director, Mr M.R. Nayak, inaugurated the Kalapatti branch in Coimbatore.
Speaking on the occasion he said that the bank's business in Tamil Nadu during the first half of the current fiscal rose to Rs 5,128 crore including deposits of Rs 1,925 crore and gross credit of Rs 3,263 crore.
The focus would be on SME/ MSME, retail loans and agricultural loans, he said.
He later told presspersons that the bank had a predominant presence in textile clusters across the country. “The business volume of our branch in Tirupur is over Rs 250 crore.”
On future plans, he said that the bank intended to add 155 branches and 500 ATMs to its network this fiscal.
“We will strengthen our presence in Bangalore, Chennai, Hyderabad and Punjab where there is scope to open more branches and tap business potential.”
Besides focusing on expanding its network within the country, Allahabad is also looking to spread its wings overseas, he said and added that the bank already had a branch in Hong Kong, a representative office in China. “We are awaiting the regulator's clearance for opening a branch in Bangladesh.”
The bank has restructured 35,000 accounts this far. “The amount involved is less than Rs 2,000 crore,” Mr Nayak said
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Published on December 25, 2011
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