Federal Bank is eyeing to be among the top five private sector lenders in the country and the bank is making right steps towards achieving this goal, its Managing Director and CEO Shyam Srinivasan said on Thursday.
“Certainly over a period of time we are getting close to the top five private sector banks in the country. That is our aspiration. Today we are sixth or seventh, depending on which quarter you take,” Srinivasan told reporters here.
On the probable timeline to achieve the goal, Srinivasan said, “We are on course...Making the right steps and principally our strategy is organic.”
Asked about the strategies to expand the bank’s loan book, he said the idea of the lender is to diversify the product segments across geographies.
Federal Bank has a network of around 1,408 banking outlets across the country and its total business stood at ₹4.26-lakh crore as on September 30, 2023.
Organic growth
The bank is collaborating with fintech companies as part of its growth strategy. “Partnership with fintech companies will give us reach to customers. We would collaborate with these firms rather than compete. It is an integral part of the bank’s strategy,” MD said.
He said the bank would like to grow organically, maintaining a balance between secured and unsecured portfolios.
Over the past 50 years, the bank has strategically expanded its footprint, with 33 branches in West Bengal and 22 in the city of Kolkata.