Federal Bank to launch 66 new branches

Federal Bank to launch 66 new branches

Kochi: Kerala-based Federal bank Tuesday unveiled ambitious plans for expanding its footprint across the country by launching 66 new branches, 38 of them outside the state.

At present, the bank has 823 branches, including the new 66 branches, 877 ATMs and a business size of almost 81,000 crore, bank’s managing director and chief executive officer (CEO) Shyam Srinivasan told reporters here.

The bank was aiming to become a dominant player in the banking sector and the number one player in its home state in the near future, besides establishing a significant presence in select other states and segments, he said.

Of the new 66 branches, 28 are in Kerala and the rest are in Tamil Nadu, Gujarat and Karnataka. With this, the bank will have presence in 25 states, he said.

The bank also launched new products and services for its customers such as special pricing of deposits of 66 days period and specialized offerings on gold coins, home loans and bullion, he said.

Srinivasan said at a time when most banks in the country were cautious in lending to small and medium enterprises (SME) fearing deteriorate in credit quality, Federal bank was focusing on this segment with caution and confidence.

This move was in line with its vision of becoming the most trusted partner for the SME, retail and NRI customer segments.

To celebrate its 66th year, the management of Federal bank planted 66 saplings at a school at Mookkannoor in Ernakulam district, the birthplace of its founder K. P. Hormis in line with the company’s commitment to a cleaner and greener environment. Tuesday also marks Hormis’s birthday.