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Corporation Bank targets Rs. 1 lakh crore business

— PHOTO: P. V. SIVAKUMAR

CONCEPT BRANCH: B. Sambamurthy (left), Chairman and Managing Director, Corporation Bank, explaining the salient features to film personalities at the opening of the 950th branch at Film Nagar in Hyderabad on Wednesday. Vishwanathan, Executive Director, LIC (right), and D. Rama Naidu (second from right) look on.

HYDERABAD: Corporation Bank proposes to open 100 new branches this year, according to its Chairman and Managing Director, B. Sambamurthy.

Talking to presspersons, after film producer D. Rama Naidu inaugurated the 950th branch of the bank at Film Nagar here on Wednesday, Mr. Sambamurthy said the bank had opened 70 new branches in 2007. It had already secured clearance for the proposed 100 branches from the Reserve Bank of India. By May, the bank would take the number of branches and ATM counters to 1,000 each.

The expansion would mainly focus on the South-Western and Northern regions where there was enormous potential. The bank had always been posting profits in its bottom line for the last 102 years of its existence.

He said the bank was targeting a business of Rs. 1 lakh crore by next year, while its turnover stood at Rs. 84,000 crore in the current fiscal with a 60:40 credit-deposit ratio.

The Film Nagar branch was the third concept branch, equipped with ‘financial health check-up’ and Invest Shoppe’. Under this, customers’ risk-reward portfolio would be assessed and they would be duly advised and financial products such as insurance, mutual funds, gold coins and the like would be sold under one roof.

Mr. Sambamurthy said the bank would increase the number of ‘Invest Shoppe’ branches to 12 by March and 40 by the end of the year. As part of the implementation of ‘financial inclusion’, the bank had 1,200 villages surveyed and would introduce branchless banks with the help of ‘business correspondents’ and handheld machines in all these villages. At present, branchless banks were established in 15 villages, he said.

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