BUSINESS

SIB targets pan-India presence

Special Correspondent

The branch network will go up to 750 in five years

KOCHI: South Indian Bank is planning to have presence in all States by 2011.

The bank, with 520 branches now, will have its network extended to 23 States with the opening of branches in Himachal Pradesh, Tripura and Meghalaya soon.

The branch strength will go up to 750 in five years, said V.A. Joseph, Managing Director and Chief Executive Officer here on Saturday.

He was inaugurating a regional meeting to mark the 80th anniversary of the bank.

A. Sethumadhavan, former chairman of the bank and writer, said the Indian banking system could withstand the impact of the global economic meltdown because of the regulations enforced by the Reserve Bank of India. The collapse of several banks in the U.S. pointed to the wrong practices pursued by the American banking system.

Integration of tradition and technology was behind the success of South Indian Bank.

District Collector M. Beena, who inaugurated the meeting, said the banking system was facing several challenges now.

South Indian Bank derived its strength from a strong customer relationship, she said.

The bank honoured one of its oldest customers, P.C. John. P.C. Chacko, former Minister, and Jose Alex, director of Rajagiri School of Engineering and Technology; spoke.

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