Kerala-based private sector Catholic Syrian Bank plans to open over 200 branches across the country in the next three years as part of its expansion.
The 93-year old bank headquartered in Thrissur was looking at opening branches in centres with substantial GDP contribution and vibrant industrial growth, its Chairman S Santhanakrishnan said.
"We currently have 395 branches in 17 states. Our plan is to add another 50 within the next one year out of which at least 20 branches will be in rural pockets around Thrissur.
Thereafter we will open another 150 branches in two years that will take our branch network to around 600," he told PTI here on the sidelines of inauguration of the bank's ATM here.
CSB Executive Director A Radhakrishnan said the bank was in the process of recruiting freshers in managerial cadre. Its current headcount stood at 28,000.
"We have already commenced the process to recruit about 300 probationary Assistant Managers and 100 Specialist Managers," he said.
The bank was also looking to step up its capital base and planned a public issue to mobilise Rs 300 crore to Rs 500 crore by March next year. In the next fiscal, there are plans for another public issue that is expected to garner Rs 1,000 crore thus adding to the shareholder base which currently stood at over 36,000, the officials said.
On the growth strategy, Santhanakrishnan said the bank would concentrate on improving NRI business, loans to agricultural and SME sector, housing loans and funding of solid waste management projects.
CSB, which has a net worth of Rs 700 crore and a Net NPA of around 3 per cent, was also looking at introducing an exclusive insurance product as designed by their general insurance partner Edelweiss Tokyo Ltd.
Referring to Ponni Delta, a gated community for senior citizens where the CSB ATM was opened, he said the bank would also look at promoting such dwelling units in major towns of Kerala.