To open 108 branches outside Andhra Pradesh to have a national look
To raise headcount by 1,000
HYDERABAD: Andhra Bank on Monday announced expansion plans, entailing a headcount addition of about 1,000 and opening of 108 branches outside Andhra Pradesh. At present, 1,004 of the bank’s 1,438 branches are located in the State.
The move was among several initiatives being taken to give the bank a national look, said Chairman and Managing Director R. S. Reddy, after unveiling a new mascot and a new slogan. Executive Director Anil Girotra was present. The mascot is ‘DOLLe’ (dolphin) and slogan has a one-liner ‘Andhra Bank, for all your needs’ and shows visual of the ‘Enter’ key on a computer keyboard.
Mr. Reddy said having generated Rs. 520 crore from the market and with a capital adequacy ratio (CAR) of 13.22 per cent, the bank was comfortably placed. The bank would be taken forward from a business of Rs. 1 lakh crore to Rs. 1.50 lakh crore (mid-sized bank) before August 2010.
Asked to outline the strategy to achieve the 50 per cent growth, he said in the last fiscal, the bank achieved a 28 per cent growth in credit and about 20 per cent in deposits. It had identified growth areas and selected 62 Tier-II and Tier-III locations to open branches.
The strategy included having greater presence with a plethora of new products and processes and increased productivity, Mr. Reddy stated.
Rakesh Sethi, General Manager, in a presentation explained that the dolphin (mascot) was universally known for its basic qualities of being friendly, intelligent and responsive, with a persistent smile. The new corporate slogan would identify with the bank’s tech-savvy character, leveraging technology to satisfy all the customer needs.