Andhra Bank, currently doing business of Rs 87,000 crore, is confident of crossing the Rs 1,00,000 crore mark by the end of the fiscal, according to R.S. Reddy, Chairman and Managing Director.
Reddy, who was here to participate in a seminar on financial inclusion in Andhra University on Tuesday, said at a press meet that the bank had lent Rs 8,000 crore to corporates during the past three months, after he had assumed charge as Chairman, and was going ahead with the introduction of technology-based products aggressively.
The bank would open 50 branches, most of them outside the State, and implement core banking solutions in all branches by the end of March 2009. The bank was also planning to refurbish 150 branches and shift 100 in order to offer better services.
Reddy said Andhra Bank had signed a MoU with Bank of Baroda and Legal and General Group of the UK to form a joint venture life insurance company and was in the process of filing for approvals from the Insurance Regulatory Development Authority.
The bank was also in the process of forming a joint venture in Malaysia with Bank of Baroda and Indian Overseas Bank for setting up a bank there. He said the bank would recruit 1,000 employees and impart training to them.
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