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| UCO Bank aims to double business in Gujarat |
| BS Reporter / Mumbai/ Ahmedabad Jul 25, 2009, 00:02 IST |
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UCO Bank aims to double its business in Gujarat over the next two years. The public sector bank is also setting up its corporate business branch in the state.
The bank's total business in Gujarat stood at Rs 6,456 crore as on March 31, 2009. Of this deposits stood at Rs 3,676 crore and advances Rs 2,780 crore. "We are looking at doubling our business in the state over the next two years. The bank will have to grow around 50 per cent to achieve the target," SK Goel, chairman and managing director, UCO Bank, told mediapersons here. It currently has 78 branches in the state.
As part of its efforts to augment its corporate business, the bank is setting up its corporate business branch in Gujarat. With this, corporates would be able get clearance for loans of more than Rs 60 crore from this branch. The bank operates such branches in the four metro cities.
Apart from the retail segment, the bank is also looking at financing micro, small and medium enterprises, ports and power projects in the state.
However, it has adopted a cautious approach towards textiles and real estate industries. UCO Bank achieved a total business of Rs 1,69,891 crore as on March 31, 2009.
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