City Unions' target turnover at Rs 25,000 crore

Chennai, June 20 (UNI) The over century old City Union Bank (CUB) has set an ambitious target of Rs 25,000 crore turnover in 2009 and plans to touch the Rs 10,000 crore mark by the end of 2006-07 fiscal, comprising Rs 6,000 crore deposits and Rs 4,000 crore advances.

CUB Chairman and CEO S Balasubramanian told reporters here today the turnover, which stood at Rs 5108 crore in 2004-05, went up to Rs 6,068 crore at the end of 2005-06 fiscal. This included deposits of Rs 3518 crore and Rs 2550 crore advances.

Setting up marketing teams in each branch and the appointment of Integrated Enterprises (India) Limited as its Business Facilitator for marketting its fixed deposits, mutual funds and other financial products would help CUB to achieve the target.

'Going by past results and the present initiative with Integrated Enterprises, we will surely achieve the Rs 10,000 crore business target by the end of March 31, 2007', he added.

Mr Balasubramanian said CUB would be going national with opening of 24 new branches to take its entire network to 170 branches from 146 by the end of this fiscal. Of the 24 branches, four would be in Tamil Nadu and rest would be spread over several parts of India.

The focus would be on Andhra Pradesh, Karnataka and Kerala and other important places in India like Maharashtra, Gujarat and Punjab.

The bank was also in the process of increasing its head count from the present 1600.

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