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Business Posted On Friday, July 23, 2010 | Agencies
New Delhi, July 23:
Private sector lender Federal Bank today inaugurated its first corporate banking branch in the capital to offer total financial solution to corporate.
''Federal Bank had been in corporate finance with 38 per cent of its total business of Rs 63,000 crore and now decided to focus on corporate banking with a dedicated team of professionals,'' Bank MD and CEO M Venugopalan said here.
He said all corporate borrowers with an annual turnover of minimum Rs 500 crore and all large value accounts of above Rs 25 crore have been brought under this unit.
The unit has created specialised desks for various industries, project finance, and infrastructure among others with necessary expertise.
He said this dedicated corporate banking unit is one of the initiatives being implemented by the Bank under the ongoing 'project transformation' programme.
Mr Venugopalan said the branch will be headed by Varinder Gulati, Assistant General Manager, and will be assisted by a team of relationship managers and credit managers.
The Bank, operating under core banking solution, has 707 branches and 750 ATMs across the country, supported by 13 regional offices.
The Bank has drawn out an ambitious plan to add another 120 branches during the current financial year--60 branches in the rural and semi-urban centres in Kerala and 60 branches outside Kerala.
The Bank has already opened 32 branches and another 28 branches will be opened by next month, Mr Venugopalan said.
As on March 31, 2010, the Bank's total business stood at over Rs 63,000 crore and the net profit was Rs 464.55 crore.
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Friday, September 03, 2010