Syndicate Bank is planning to open 300 more branches and 27 mid-corporate branches during the current financial year, according to Executive Director M. Anjaneya Prasad.
He was speaking to reporters here on Saturday evening after the inauguration of the Visakhapatnam regional office and also a mid-corporate branch at Daba Gardens earlier in the day. He said the region comprising Visakhapatnam, East Godavari, Srikakulam and Vizianagaram would grow very fast after the bifurcation of the State and the bank had therefore set up a regional office. The mid-corporate branch would sanction loans ranging from Rs 5 crore to Rs 100 crore.
Prasad said the bank had decided to open five new branches shortly in the region, having at present 47 branches. The region as on date has a total business of Rs 1,690 crore. A mid-corporate branch would be opened shortly at Guntur.
He said the bank, which had set up a branch in London, was planning to set up branches in Hong Kong, Dubai, South Africa and China to increase its overseas business.
Loan rescheduling : He said the bank would reschedule loans in the districts hit by Hudhud cyclone. Every effort would be made to help the industrial units hit by the cyclone. The scale of finance would be increased and there would also be deferment of payments. As part of its corporate social responsibility, the bank would adopt Ippili village in Srikakulam district.