Vizag commercial branch of SBI doubles biz volume

The Visakhapatnam commercial branch of SBI has doubled its business volume and added seven new corporate clients during the first year of its operations, according to Mr V. Narsi Reddy, Assistant General Manager and branch head.

He told presspersons here on Wednesday on the occasion of the first anniversary that the specialised branch meant for financing mid-corporateshad made remarkable strides during the year. “We began with a modest business of Rs 635 crore a year ago and now it has swelled to Rs 1,356 crore till date and by March-end we are likely to touch the Rs 1,500-crore mark. By 2013, we wish to take it up to Rs 2,000 crore,” he said.

He said there were six such branches of SBI in the State - four in Hyderabad, one in Guntur and one here. He said currently 20 mid-corporates were in the fold of the branch engaged in manufacture of steel, construction and infrastructure, petrochemicals, marine products, and hospitality sector.

“It is a one-stop shop for all financial services the corporates need. Any corporate with credit requirement of Rs 10 crore and above can approach us. Regardless of where the unit is located, we will finance it if the promoters hail from the region, our area of operation from Vijayawada to Srikakulam. The branch is equipped with all modern amenities and facilities the corporates need,” he said and urged the industrialists, traders and businessmen to make use of it.

“A relationship manager is attached to the corporates to pay special attention and a fully-equipped international banking division takes care of the forex needs of the corporate clients,” he said.

He said the interest rates would be reduced by two per cent or so, if the balance sheet of the client was really good or the project viable. The branch also accepts deposits, but its focus is on lending to corporates. It currently has Rs 56 crore in deposits.

Mr R. Srinivasu, Assistant General Manager, and the relationship manager, also spoke about the services being offered by the branch.