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Federal Bank opens 26 branches

BANGALORE: Federal Bank announced the opening of 26 branches in 11 States on Tuesday. Following this, the bank’s network of branches has increased to 669. All branches of the bank are covered by core banking solution, which enables networking of the branches. The bank has a network of 680 ATMs across the country.

Speaking to The Hindu, C. P. John, General Manager, Bangalore Region, said the bank had “identified Karnataka as the next growth centre, after Kerala.” The bank has opened 26 branches in the State in the last three years. It now has 51 branches in the State. Mr. John said the bank had targeted a total business volume of Rs. 1-lakh crore by 2011. Sources in the bank said the planned merger with the Catholic Syrian Bank was proceeding “smoothly.” They said the due diligence by KPMG was proceeding well and confirmed that the merger “should happen within the financial year.”

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