Corp Bank to double business in Andhra

Corporation Bank is planning to double its business in Andhra Pradesh during the current financial year, according to its chairman and managing director Ramnath Pradeep.

Speaking to mediapersons here recently, he said the bank now had Rs 10,000 crore business in the state with 113 branches. Overall, its business stood at Rs 2 lakh crore and it is targeting to cross Rs 2.65 lakh crore by March 2012. “We are targeting at achieving Rs 1 lakh crore business for the current financial year, which is a very tough task. However, we would be happy if we could do Rs 65,000 crore business,” he added. In the next five years, the bank expects this to touch Rs 5 lakh crore.

 

It also proposes to add 200 branches to its 1,361 existing branch network across the country. Besides, it is planning to open branches in Hong Kong, Tanzania, Nepal and Vietnam.

Pradeep said the bank was now focusing on housing and education loans, besides paying special attention to areas like retail business, small and medium enterprises and recovery.

In the financial year ended March 2011, the bank recorded a growth of 30 per cent in deposits, 37.42 per cent in advances and 25.87 per cent rise in investments.

Earlier, the CMD inaugurated the 25th annual conference of the All India Corporation Bank SC/ST Employees Welfare Association.