GE Money to invest Rs 45 cr

To expand network to 210 branches across 110 cities

GE Money will invest Rs 45 crore to set up 102 branches and thereby expand its network to 210 branches across 110 cities.

Addressing a press conference on the launch of its new brandname 'GE Money', Vishal Pandit, president and CEO (India region), said that south India represents a significant and strategic area of growth potential for the company.

At present, there are 28 branches in south India, which is expected to be doubled to 56 of which Chennai will have 12 branches.

"We have been growing at 35 per cent in south and expect this growth to accelerate during the current fiscal. The evolution of younger, affluent working class is triggering the growth in Bangalore, Hyderabad and Chennai leading to a consumer boom," he said.

Pandit said that the portfolio will tilt in favour of young working people going in for loans to 55 per cent and the remaining chunk comprising middle class going for loan in year's time.