Syndicate Bank to appoint consultant for risk mngt

Manipal, Jun 24: Nationalised Syndicate Bank will soon engage a consultant to design and implement operational risk management framework and steps had already been initiated steps to implement a standardised approch for credit risk and basic indicator approach for operational risk by 2007.

Disclosing this at the Annual General meeting held here today Bank Chairman and Managing Director C P Swarnkar said the Bank was also planning outsourcing end to end solutions such as online apprisal system, risk assessment, risk input estimates and capital computation.

He said by the end of current fiscal nearly 80 per cent of the Bank business would be covered by core banking solution (CBS).

During the year 1000 branches would be covered by CBS, in addition to existing 500 branches, he added.

The AGM approved a final dividend of ten per cent taking the total dividend approved for 2005-06 to 25 per cent.

Mr Swarnkar addressing the AGM said the Bank had registered a highly encouraging performance last year with operating profits crossing Rs.1038 crore and net profit touching Rs.536 crore. The global business of the Bank crossed Rs.91,284 crore, recording a 23.31 per cent over the previous year, he added.

He said the Bank had tied up with National Exchange Company of Kuwait and Zeno Exchange of Bahrain for remittances.

UNI