SBH to double its business in Coimbatore

The State Bank of Hyderabad (SBH) plans to double its business to about Rs 200 crore in Coimbatore by March 2007, according to Amitabha Guha, managing director, SBH.

Speaking on the sidelines of inaugurating the bank's new branch, Guha said, "This would be done by advancing loans to the small and medium enterprises and industries in the region." The bank also plans to open two branches in Coimbatore by 2007.

SBH expects to tap the capital market by the end of next financial year. The money raised from the issue would be used for expanding and increasing the number of its branches. However, he said it was too premature to comment on the amount to be raised from the public issue.

He said the bank was planning to increase the number of branches from 944 to 1,000 by March 2007 and add 100 new farmers' account in every branch.

The bank was also hoping to open 65 agri clinics, which would provide the inputs to the farmers in all the southern states during the next fiscal, he added.

The bank's total business stood at Rs 51,057.17 cr as on February 24, 2006, with aggregate deposits at Rs 31, 135.93 crore and advances at Rs 19,921.24 crore.