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Despite economic slowdown and stagnancy in new investments in the country, commercial bank Societe Generale India is bullish on its growth targets and aims to achieve 80 per cent growth in the financial year 2014-15.
The fully-owned subsidiary of France’s Societe Generale Group, wants to take its loan portfolio to Rs 11,000 crore from the present Rs 6,000 crore.
The bank also began its first ever financial inclusion programme in two villages of Sanand block in Ahmedabad district in March this year, and plans to replicate the model in other branches which are located in Delhi and Mumbai.
“After achieving 70 per cent growth in 2013-14 we plan to achieve 80 per cent in 2014-15. We expect over loan portfolio to increase to Rs 10,000-11,000 crore in this fiscal against Rs 6,000 last financial year,” said Marc-Emmanuel Vives, chief executive & group chief country officer, Societe Generale.
Vives also hoped for a stable government in India as it would give boost to the economy and help industry seek more investments. “Proper decision making by the government in a dynamic country like India is very important. Stability in government will boost the investment sentiments,” he added.
On business at Societe Generale’s branch in country’s emerging auto hub Sanand Vives said that they have achieved more than they had targeted in a years time.
“Last year we had opened the Sanand branch. In one year its loan portfolio has reached close to Rs 600 crore. This is very good for first year of operation,” he said.
The bank’s lending has been primarily in pharmaceuticals, chemicals, plastic and related sectors. They plan to include sectors like auto and auto components makers, food processing, metallurgy transformation, energy and textile in their client list during this fiscal.
“We hope to double over loan portfolio in Sanand branch to roughly Rs 1,200 crore,” Vives said.
The banks hopes to open about 250-300 accounts in these villages in this year.
