Axis Bank to set up 200 new branchs this FY

Kochi, Jul 5: The UTI-promoted Axis Bank is set to expand its network by another 210 branches in 2008-09, taking the total number to over 900 all over the country, Axis Bank South Zone president C P Rangarajan said today.

Addressing a press conference on the occasion of the bank opening its 18th branch in Kerala at Palarivattom here, Mr Rangarajan said Axis Bank planned to open another eight branches in Kerala this year, taking the total number to 26.

For the south zone, the bank had already received license from the RBI to open 52 more branches in this financial year to take the total network to about 220.

The bank, which had about 9.5 million customers all over the country, was expecting a 40 per cent growth in the customer base in this financial year.

The bank was witnessing a 25 per cent month-on-month growth in its customer base, he said.

Similarly, it was expecting a 40 to 45 per cent growth in business, which stood at Rs 140,000 crore last year.

The bank, which had presence in Singapore, Hong Kong, Shanghai and Dubai, had applied for license to open branches in the UK, Cananda and the US.

He said the bank, which was very strong in corporate banking, was focusing this year on expanding its agri business and had appointed special cluster heads for the purpose.

It was also partnering with the Andhra Pradesh and Karnataka Governments in their e-banking initiatives and had started talks with the Kerala Government also for a similar collaboration.

UNI