South Indian Bank to open Sharjah office

Thrissur-based South Indian Bank is planning to open a representative office in Sharjah to cater to non resident Indians in the Gulf region.

The bank is awaiting Reserve Bank of India (RBI) approval. The bank's NRI customers account for 22 per cent of total deposits. At present, South Indian Bank is offering money services to customers in the Middle East through a tie-up with HADI Express House.

On Monday, the bank's board fixed a target of generating Rs 75,000 crore business by 2013. Chairman and Chief Executive Officer V A Joseph said the bank's total business during the last financial year was Rs 24,500 crore and it is hoping to close the current year with Rs 25,000 crore business.

"We have set a target of Rs 75,000 crore, of which deposits would be Rs 44,000 crore and advances would be Rs 31,000 crore by the year 2013," he added.

The bank also plans to open 250 more branches in the next five years, which will take the total number of branches to 750 by 2013. The bank is scheduled to open its 500th branch later this month.