Corporation Bank to recruit 1,400 in current fiscal

State-owned Corporation Bank has said it is planning to recruit 1,400 during the current financial year. “We are planning to hire 1,400, including officers, during the current fiscal,” Corporation Bank Chairman and Managing Director J M Garg said.

The total business of the bank has crossed Rs 1 lakh crore during the first quarter of the current financial year.

The business mix of the bank stood at Rs 1,19,505 crore as on June 30, 2009. As far as branch expansion is concerned, the bank plans to add about 100 branches in the financial year, he said, adding, in the first quarter about 25 new branches have been opened.

With the addition of 100 branches, the total number of branches would cross 1,150 by the end of March 2010, he said. The bank has already opened 25 branches during the April-June quarter.

In order to meet capital requirement for the business growth, the bank would raise Rs 650 crore through the issue of bonds in the markets during this quarter.

“We have raised Rs 1,300 crore from Tier I and Tier II bonds so far and will raise another Rs 700 crore in the July-September quarter,” he said.

Capital raised during the second quarter would be sufficient to maintain Capital Adequacy Ratio over 12 per cent and meet the targeted business growth for the fiscal, he said. Capital Adequacy Ratio of the Mangalore-based bank stood at 16.29 per cent at the end of first quarter of the current fiscal.

During 2009-10, the bank is expecting credit growth of 22 per cent, he said, adding, the outstanding credit of the bank stood at Rs 47,377.59 crore at the end of June 30, 2009. Talking about business expansion plans, Garg said the bank expects the total business to cross Rs 1,50,000-crore mark during the current financial year.