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Friday, April 5, 2013

Canara Bank eyes Rs 7-lakh cr business in 2013-14

Canara Bank  said it is targeting a total business to the tune of Rs 7 lakh crore in 2013-14. It also plans to open 1,300 new branches in the next two years to expand its presence.

“We are targeting to achieve total business of Rs 7 lakh crore in 2013-14. But this target is yet to be approved by the board,” bank’s Chairman and Managing Director R K Dubey told reporters here.

“Bank’s main focus will remain on agriculture, retail and MSME for lending,” he added.

Bangalore-headquartered bank achieved 13 per cent growth with total business size of Rs 6 lakh crore comprising Rs 3.55 lakh crore of deposits in 2012-13.

Asked about bank’s expansion, Dubey said the bank is planning to open 1,300 new domestic branches and nine overseas offices in next two years.

“We have plans to open 1,300 new branches in next two years, which will take branch strength to 5,000,” he said.

Dubey said bank would also open nine overseas offices in countries including Brazil, Tokyo, South Africa, Qatar in next two years. Canara Bank has presently five overseas branches in countries including Moscow, London, Hong Kong.

Asked about hiring, Dubey said the bank would hire 5,500 people in current fiscal which would be required for upcoming branch expansion across the country.

“Last year, we recruited 4,000 people and this fiscal we will recruit 5,500,” he added.

He further said the bank has also plans to open 10 branches which will have only women employees. These branches will be opened in state capitals.

Source: thehindubusinessline


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