Andhra Bank to increase bank branches to 2,000 within 4 yrs

The Public sector Andhra Bank proposed to add 500 more branches in the next four years to increase its total branch network to 2000, a top bank official said.

"The bank is expanding its network outside Andhra Pradesh by opening 121 branches this year," Bank Chairman and Managing Director R S Reddy told reporters here today.

The bank, which currently has 1452 branches, crossed Rs one lakh crore of business and was targetting a business of Rs 1.50 lakh crore by September 2010, he said.Bank had plans to open few branches in Kerala, which currently has 23,this year.

The bank had announced a 45 per cent dividend, highest in the country,he claimed.

Andhra Bank was aiming at crossing Rs 750 crore business in Kerala by March next year.The bank had also introduced the first Mobile ATM in Kerala which was a success especially during the Sabarimala season.

Reddy said the bank in partnership with Bank of India and UK based Legal and General Plc was launching a company to offer life inurance products. The JV was likely to launched by October-November.

Andhra Bank had 23 per cent stake in the company.