Business Standard

UTI to open Hong Kong branch this fiscal

Image

Our Correspondent Chennai/ Visakhapatnam
The UTI Bank would set up a branch in Hong Kong and a representative office in Shanghai, China, this fiscal, Hemanth Kaul, president (retail banking), UTI Bank, said.
 
"Recently, we opened our first overseas branch in Singapore. The bank will set up one full-fledge branch in Hong Kong and a representative office in Shanghai by the end of this fiscal. In the next phase, we have plans to enter Sri Lanka and Dubai," Kaul told mediapersons here on Monday.
 
During the opening of bank's second branch here today, he said the branch network in the state had gone up to 31.
 
During 2005-06, the bank opened 99 branches and 350 ATMs across the country. During the current year too, the bank plans to open similar number of branches and ATMs in the country. Of the bank's total 450 branches across the country, about 93 are located in semi-urban and rural areas (in rural areas, less than 10 branches). In line with the policy, he said, the bank was planning to open 40-50 per cent of its new branch network in the semi-urban and rural areas.
 
"During the just-ended financial year, we achieved about 45 per cent growth in total business at Rs 65,000 crore (Rs 40,000 crore deposits and Rs 25,000 crore advances). This year too, we are aiming at the same level of growth. As regards mutual fund business, we have reached Rs 12,000 crore," he said.
 
All the branches, including rural and semi-urban, have internet banking facility and about 18 lakh customers have registered for the internet banking, according to him.
 
Recently, the bank introduced credit cards in Mumbai and plans a similar facility in Andhra Pradesh within two months. The bank has about 43 lakh debit card customers across the country.
 
The bank was able to reduce its net NPA to below 1 per cent by March 2006. Kaul said, during the current year, the bank was planning to open branches at Prodhutooru, Adilabad, Bhapatla, Narasaraopet, Gudivada, and Machilipatnam in Andhra Pradesh.

 
 

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: May 23 2006 | 12:00 AM IST

Explore News