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UCO Bank ties up with Religare, aggressive expansion on cards

UCO Bank ties up with Religare, aggressive expansion on cards
PTI
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First Published: Mon, Apr 25 2011. 04 02 PM IST
Updated: Mon, Apr 25 2011. 04 02 PM IST
Kolkata: UCO Bank on Monday said it has tied up with Religare Securities to offer online trading to its customers as part of expanding the product bouquet and has drawn up ambitious expansion plans.
“We are looking forward for greater brand recall of the bank and adding new facilities like mobile banking and internet trading facility to customers,” UCO Bank executive director Ajai Rai said here on the sidelines of signing the MoU with Religare.
Kumar said the bank planned to open 800 new branches and 2,400 ATMs across the country in the next two years for stronger presence.
“New branches will be pan India, but focus will be given to places like Gujarat, Uttar Pradesh, West Bengal and the North East,” Kumar said.
The bank would surpass the Rs2.45 trillion business target for 2010-11, with 20% growth in credit and 18% in deposit, Kumar said.
The bank has about 2,200 bank branches and 600 ATMs across country as of now.
Speaking about the tie up, Religare CEO Gagan Randev said it was the eighth bank and the alliance would go a long way in generating business in future.
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First Published: Mon, Apr 25 2011. 04 02 PM IST