A recent press report said that Catholic Syrian Bank has passed special resolutions seeking shareholders’ approvals for increasing the bank’s share capital by issuing equity shares on preferential basis and/or through private placement mode.
Reports said that the AGM also passed a resolution for increasing the FII limit up to 49 per cent of the bank’s paid-up capital and also for establishing subsidiary or associate companies, firms, trusts, etc.
Mr. S. Santhanakrishnan, Chairman of the bank told the shareholders that the fundamentals of the bank are very strong and it has registered a seven-fold growth in net profit during the financial year 2010-11.
He said that technology will continue to be a key enabler in every sphere of the bank’s operations and will be leveraged to reinforce the bank’s position and sustain competitive strength. The bank is also looking to float a housing finance arm and a non-banking financial company to improve its asset base.
Mr. V.P. Iswardas, Managing Director and CEO, said that the bank could grow in the last financial year a third of what it grew over the past 89 years and is committed to sustain and improve on the growth rates, going forward.
The Catholic Syrian Bank was founded on November 26, 1920 in Thrissur city and commenced business on January 1, 1921 with an authorized capital of Rs 5 lakhs and a paid up capital of Rs 4, 5270. In August 1969, the bank was included in the Second Schedule to the Reserve Bank of India Act 1934. The bank offers home loan, personal loan, educational loan, mortgage loan etc.