Federal Bank inaugurated 26 new branches across 11 states on Wednesday. This will take its total branch network to 602. The bank plans to add another 100 branches in the coming fiscal.
Speaking to reporters, K S Mohan, deputy general manager of Alwaye-based Federal Bank, said the bank has set a target of Rs 1 lakh crore in business and open 1,000 branches by 2012.
“We want to increase our presence in Gujarat, Uttar Pradesh, Maharashtra, West Bengal and other parts of North India. As for expansion in the coming fiscal, it will be mostly out of Kerala. Currently, around 300 of our branches are in Kerala, while another 300 are spread over the rest of the country,” he said.
The bank presently operates 41 branches in Tamil Nadu, and plans to add 10 to 15 more branches before December this year, he added. Speaking about overseas expansion plans, Mohan said that the bank recently opened its first overseas representative office in Abu Dhabi and plans to open more in the Gulf region.
Federal Bank's total business in the current fiscal has been around Rs 43,000 crore, with deposits crossing Rs 25,000 crore and advances at around Rs 18,000 crore. He added that the bank will close the current fiscal with total business of Rs 48,000 crore.
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