Syndicate Bank to open 75 new branches

[sajiv]

Kochi: The public sector Syndicate Bank was planning to consolidate its business by opening 75 new branches in the country this year, mainly focussing on-- Chattisgarh, Jharkhand and Orissa, a top bank official said.

The three states would have good growth in the next 20 years, Syndicate Bank Chairman and Managing Director George Joseph told a press meet here on Monday night.Presently the bank has 55 branches in Orissa, 20 in Jharkhand and 15 in Chattisgarh.

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Though he declined to state the revenue the bank was targetting from the three states, he said huge investments were going to come and the bank would capitalise on that. 'We will open branches in project centres and these branches will have very exponential growth,' he said.

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Asked if the banking sector would be affected by the global financial crisis, he said Indian banks were fairly insulated for the time being. Due to the global meltdown, 19 banks failed in US."Indian banks are strong, well regulated and conservative and hence the problems being faced by banks in US and UK will not affect banks in India," he said.