Andhra Bank, which has about 50 per cent of its business from Andhra Pradesh and Telangana, is looking at expanding in other States, according to its Chairman and Managing Director C.V.R. Rajendran.
Mr. Rajendran told The Hindu here on Thursday that the bank had opened nine zonal offices in Tamil Nadu, Kerala and some northern States. It would open 450 branches this financial year, and about 350 of these would be in other States.
Loans extended to infrastructure, agriculture and gold sectors in Andhra Pradesh and Telangana were under stress. As part of the recovery process, the bank was talking to customers and working with them.
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“We are de-risking some portfolios,” he said.
With growth of business in other regions, the bank’s exposure in Andhra Pradesh and Telangana was expected to reduce to 35 per cent in the next three years. In the manufacturing sector, the bank would focus more on lending to micro, small and medium-scale enterprises, he said.