Syndicate Bank has big plans for Visakhapatnam by opening a regional office in the city after strengthening its branch network.

This was disclosed by Executive Director M. Anjaneya Prasad at a press conference after inauguration of the bank’s ninth branch in the city on Sankaramatham Road (Madhuranagar) on Wednesday. This is the 2777 branch of the bank and 411 branch in Andhra Pradesh. The branch was declared open by Chairman-cum-Managing Director of Dredging Corporation of India Capt. D.K. Mohanty.

Mr. Prasad admitted that though the bank had good network in Karnataka and other parts of the country, they had now decided to focus on improving network in Visakhapatnam. The bank opened four branches in the city in 10 months and another branch would be set up at Naiduthota during current fiscal. He said they had set the target to have 3,000 branches by March 31.

Syndicate Bank branches from Srikakulam to Guntur had a business of Rs.4,000 crore of which the advances stand at Rs.2,400 crore. He said they had highest number of branches in AP after Karnataka and they had the third best network after Andhra Bank and State Bank of India in the State.

Mr. Prasad said the bank known for its core banking efficiency was offering car loans at Rs.10.25 per cent instead of 10.5 per cent and gold loan without processing fee on the spot at 11.5 per cent – 75 per cent of the value of the yellow metal.

Bank’s Deputy General Manager P. Raja Reddy and Assistant General Manager R. Jayaprakash were present.