SIB spreads branch network to northern states

Kottayam, Apr 5: The Thrissur-based South Indian Bank (SIB), which has the second largest branch network among the old generation private sector banks in India, has drawn up plans to foray into four more states in the northern areas of the country by opening new branches, SIB Chairman V A Joseph said today.

He said the bank had opened its 450th branch in Bhubaneswar, the other day.

The bank would make its presence in 23 states during the fiscal.

Recently the bank broke a record in banking industry by opening 14 new branches on a single day in March 2006. SIB has applied for 18 more new branches, which will be opened in the current year itself.

During the fiscal, the bank is planning to enter unrepresented states like Jammu and Kashmir, Jarkhand, Uttaranchal and Assam. As part of branch expansion programme, the SIB is aiming at increasing the branch network to 500 in 23 states in the near future, Dr Joseph said.

UNI