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Wednesday, December 26, 2012

South Indian Bank business set to touch Rs 75,000 cr

South Indian Bank is all set to achieve a business target of Rs 75,000 crore by March 2013 as envisaged in the Vision Document 2008.

SIB's five-year business plan — Vision 2013 — was drawn up in 2008 to achieve Rs 75,000 crore business, 750 branches, 750 ATMs and 7,500 employees.

V. A. Joseph, Managing Director and CEO, told Business Line that the bank has been able to clock Rs 67,000 crore in total business as on date.

Its employee strength is at 6,800, the number of branches 740 and ATMs 775.

“We hope to achieve the target of Rs 75,000 crore and 7,000 people by the end of March 31. We might just exceed some of the targets,” he said.

Ten more branches are to be opened shortly in Gujarat, West Bengal and Maharashtra, he said.

The bank hopes to open another 25 ATMs by March 2013 taking the total to 800.

Joseph was here in connection with an event of Season Six of the Grand Kerala Shopping Festival in which South Indian Bank is the title sponsor.

This the second consecutive term the bank has sponsored the event promoted by the Kerala Government.

Responding to a question on the takeaways from being involved in this event, he said it would enable the bank to enhance its client base through close interaction with the public.

The prize money involved in the shopping festival is 101 kg of gold, which would be distributed through bank branches. Those who come either for registration or for getting the prize money could be potential customers in future, Joseph said.

The bank's association with the event has helped it add to its customer base.

Being a Government initiative and its local base with 350 branches in the State made eminent sense to be associated with the event, he said.

Moreover, this would also help drive financial literacy to an extent since at least 3,000 staff is directly involved in the shopping festival


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