City Union Bank to open 60 new branches
March 8th, 2010 - 9:45 pm ICT by IANS
Chennai, Mar 8 (IANS) Continuing its expansion plans into next fiscal, the Kumbakonam-based City Union Bank plans to hire around 500 people, open around 60 new branches, and also install around 150 automated teller machines (ATMs).
“We have applied to the Reserve Bank of India (RBI) to open 60 more branches. Last year we opened 42 branches to take out total branch network to 222. The bank increased its headcount by 1,000 people to 3,000 during the last two years,” the bank’s managing director and CEO S.Balasubramanian told IANS.
According to him, the bank is able to attract talent from the National Institute of Technology (NIT), Warangal, and other places.
Asked about the fresh competition with Finance Minister Pranab Mukherjee announcing issuance of new banking licences, executive director N.Kamakoti told IANS: “There is sufficient business for all for the next 15 years as the banking sector is growing at around 20 percent per annum.”
According to Balasubramanian, the bank hopes to close this fiscal with a total business of around Rs.16,800 crore (deposits Rs.9.800 crore, advances Rs.7,000 crore).
Speaking about the credit off-take, he said that unlike in 2008-09 the demand for credit is good and they see 20 percent increase in advances.
“Our focus segment is micro, small and medium enterprises (MSME) and the demand here is stable. The increased allocation for infrastructure in the union budget will have a positive impact on our borrower’s business,” Balasubramanian said.
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Tags: annum, automated teller machines, balasubramanian, bank of india, banking sector, city union bank, expansion plans, finance minister, headcount, issuance, kamakoti, kumbakonam, msme, national institute of technology, nit warangal, pranab mukherjee, reserve bank of india, small and medium enterprises, union bank, union budget