Federal Bank, the leading private sector bank in the country headquartered at Kochi, Kerala, is expanding its branch network to more than 600 centres by opening 26 branches on March 26, 2008.

Speaking to newsmen in Mumbai, Mr Thomas Joseph, General Manager , Federal Banl said that the Bank’s 600th branch at Kazhakuttam in Trivandrum will be inaugurated by Dr. Thomas Issac, Hon. Minister for Finance, Kerala State in the presence of Sri. Venugopalan M, Chairman of Federal Bank.

Federal Bank has grown to become country’s largest traditional private sector Bank. Its shares are widely held and are listed on BSE and NSE. It is the only traditional bank other than SBI to have its shares listed abroad on London Stock Exchange.

The Bank’s total business has crossed Rs. 42400 Cr with deposits over Rs 24500 Cr and loans and advances over Rs 17900 Cr. The Bank will have 602 branches, 10 extension counters and 525 ATMs spread over all important locations in India, supported by 13 regional offices. All the Bank’s branches are working under the Core Banking platform offering world class facilities to the customers.

The Bank’s future plans include launch of a large number of liability and asset products taking advantage of the core-banking facilities. It intends to have a separate marketing wing for aggressive marketing and selling activities and plans to enhance its technological capabilities and leverage the same for aggressive business expansion and customer acquisition.

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The Bank plans to grow its Business size to exceed Rs.100,000 Crore and balance sheet size to exceed Rs. 80000 Cr by the end of fiscal 2012. The Bank plans to have a network of 1000 branches, subject to the Branch Authorisation Policy of RBI by end of FY 2012.

Sourced From: Pressman India

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