Centurion Bank of Punjab plans to woo NRIs

Centurion Bank of Punjab plans to woo NRIs

Kochi: Centurion Bank of Punjab (CBOP), one of the leading new generation private sector banks in the country, which recently merged with the Kerala-based Lord Krishna Bank, has aggressive plans for the state and would target the NRIs.

CBOP is a major player in India for retail foreign exchange and has excellent product offering, Managing Director and CEO, Shailendra Bhandari, told a press meet here.

There are certain products unique to Kerala market like gold loan and the bank would like to take a look at it, he said.

Asked if the one year delay in the merger finally coming through had hurt the bank, he replied in the negative. ‘We grew the bank by 72% and have not lost on anything´.

‘We are delighted that this merger has given us a significant presence in Kerala. We will leverage the synergies created by this merger and offer the finest banking products to the Keralites´, he said.

There would be no relocation of branches in Kerala post merger, he said. There was very little chance of duplication. In Kerala, the bank will now have a powerful network which includes 92 branches and extension counters, 8 marketing offices, 24 ATMs and about 300,000 customers supported by 950 employees.

The combined entity has a balance sheet size of around 23,000 crore with deposits of approximately 18,000 crore, net advances of about 13,000 crore and total business of about 31,000 crore.

The customers of the erstwhile LKB will now have access to over 400 branches and extension counters and 450 ATMs in approximately 180 locations across the country supported by over 7500 employees.