South Indian Bank to open corporate finance branches

South Indian Bank is planning to open exclusive corporate finance branches in metro cities to tap potential in corporate sector, according to its Managing Director and Chief Executive Officer, Dr V A Joseph.

Speaking to newspersons after inauguration of 15 branches in Andhra Pradesh here on Monday, Dr Joseph said the corporate finance branches would be opened in New Delhi, Mumbai, Bangalore, Chennai and Kolkata during next financial year.

“Our target is to generate at least Rs 1,000 crore business in each of these branches,'' he said.

Speaking earlier at a function to electronically inaugurate the branches, Dr Joseph said the 82-year-old bank would soon begin operations in Nagaland. “With this, we will be in 27 States and Union Territories making our bank a pan-India bank,'' he said.

To hire 1,000

Plans were afoot to recruit over 1,000 including professionals in engineering and chartered accountancy, he said.

Mr Amitabha Guha, Non-Executive Chairman, said the total number of branches would be increased from existing 675 to 700 before March 31, 2012.

The focus was on financial inclusion. “Out of 15 branches opened today, 11 are in the unbanked areas of Ranga Reddy district,'' Mr Guha added.

Mr E.S.L. Narasimhan, Governor of Andhra Pradesh, who formally inaugurated the braches, said there was a need to upgrade security features on electronic banking.

nagsridhu@thehindu.co.in