CIFL to have 700 branches by March '17

Cholamandalam Investment and Finance Company is planning to have over 700 branches by the end of the  financial year.

Published: 05th August 2016 04:50 AM  |   Last Updated: 05th August 2016 04:50 AM   |  A+A-

CHENNAI: Cholamandalam Investment and Finance Company is planning to have over 700 branches by the end of the  current financial year and has opened four new branches in Karnataka as part of its plans.

Managing Director Vellayan Subbiah, inaugurated four new branches in Peenya, Ramanagara, Bommanahalli and Devanahalli, taking the total number of branches to 37 in Karnataka, a company statement said on Thursday.

As part of its growth strategy, the company plans to add 150 new branches across the country to the existing 571. It plans to expand the overall network to over 700 branches during the current financial year, it said.

“Our expansion is to strengthen our relationships by being closer to our customers,” Subbiah said adding that at the national level, 70 per cent of its branches are in rural areas, 20 per cent in semi urban, 10 per cent in urban areas and they were continuously extending their reach to meet customer needs.

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