Catholic Syrian Bank to raise capital: Chairman

Chennai, Sep 14 (UNI) The Catholic Syrian Bank (CSB) is planning to raise capital and expand its footprint in the country, its Chairman N R Achan said today.

Speaking to newsmen here today, Mr Achan said in the first phase the bank plans to go for private placement followed by rights and public issue.

The bank is now working on getting the regulatory clearances, he said. It also planned to open branches in all state capitals subject to RBI approval.

Mr Achan said the bank would open ten more branches before the end of the current fiscal.

CSB hopes to clock Rs 8,500 crore business by March 2007 and cross Rs 10,000 crore in 2008.

The Rs 40-crore Core Banking Solution (CBS) project with Laser Soft Infosystems Limited was expected to scale up its business, improve MIS and make the bank more profitable.

To a question on whether the CBS will be available to other banks as well, the chairman said the modalities on this issue would be worked out later as CSB had to consider the statutory requirements.

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