Kerala - Kochi   

Federal Bank opens 26 new branches

KOCHI: Federal Bank has opened 26 new branches in 11 States across the country on Tuesday.

The State-wise spilt of the branches include Andhra Pradesh (7); Assam (1); Chattisgarh (1); Delhi (2); Gujarat (2); Karnataka (4); Kerala (3); Maharashtra (3); Punjab (1); Tamil Nadu (1); and Uttar Pradesh (1). With this, the bank now has 669 branches and 680 ATMs in the country. It is being supported by 13 regional offices.

C. Thomas Joseph, head of the Ernakulam region, said the bank was targeting a total business of one trillion by 2011. It had already started a recruitment drive to take care of the organic growth plans and the bank would add around 1,000 personnel this year, he said.

Stating that the organisational structure of the bank was being revamped to give rise to more customer-centric operations across all the outlets, Mr. Joseph said this strategic move was expected to increase the banking convenience of the customers and bring in added efficiency to the system.

He said the bank had identified potential centres for starting priority banking lounges across the country aimed at imparting special attention and assistance to the high-end customers. The roll out of this facility would take place in the current year. The bank would shortly introduce innovative technology-enabled products to enhance customer convenience, Mr. Joseph said.

According to the official figures, the Federal Bank’s net profit for the last financial year was Rs.500.49 crore. The net worth of the bank was over Rs.4,325 crore as on March 31, 2009.

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