City Union Bank has planned to open 9 branches

By | August 14, 2011

A recent press report said that City Union Bank Limited has planned to open nine branches during October-November. Among the nine branches that are to be opened seven will be in Tamil Nadu, one in Bhubaneshwar and another in Raipur.

Dr. N. Kamakodi, Managing Director and Chief Executive Officer of the century-old private sector bank said that the bank has a total business mix of Rs 25,000 crore and hopes to achieve a growth rate of 25 per cent to 30 per cent in both the business and profits. He said that the bank has continuously declared dividend and the return on equity has been over 20 per cent.

He said the bank has 275 branches that are equally spread in rural or semi-urban and urban or metro areas. Two-thirds of the business comes from agriculture, small and medium enterprises, and trade.

The bank is targeting to make three-fourths of the transactions through alternate channels such as ATM, mobile banking and Internet.

He said the bank has started priority treatment for VIP customers in Chennai, under which bank representatives will visit customers instead. This facility will be soon extended to other cities, including Madurai. The bank is involved in offering home loan, personal loan, car loan, mortgage loan etc.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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