Federal Bank eyes 1000 branches by 2012

Chennai, Mar 27 (UNI) The Kochi-headquartered Federal Bank, one of the leading private sector banks, which created a record of sorts by opening 26 branches on a single day yesterday, is eyeing for a total of 1,000 branches by 2012.

Federal Bank Deputy General Manager and Chennai Region Head K S Mohan told reporters here last evening that with the opening of 26 branches, the bank had taken its total branch strength to 602.

''We will be adding another 100 branches in the 2008-09 fiscal and are planning to have a total of 1,000 branches across the country by 2012.'' Of the 602 branches, about 50 per cent (300) are in Kerala. ''Of the 400 branches we are planning to add by 2012, about 50 will be in Kerala and the rest will be spread over various states,'' he said.

Mr Mohan said of the 26 new branches opened yesterday, seven were in Kerala, four in Tamil Nadu, three in Karnataka, two each in Andhra Pradesh, Uttar Pradesh, Maharahstra and West Bengal and one each in Delhi, Goa, Madhya Pradesh and Punjab.

By 2012, the Bank was planning to have a business of Rs 100,000 crore, including deposits and advances from the present Rs 42,400 crore (deposits Rs 24,500 crore and advances 17,900 crore), he said.

UNI GV JJ 1522