Vijaya Bank plans to open branches in West Asia, China

The Vijaya Bank is planning to open overseas branches in West Asia, China, Hong Kong and Malaysia, Prakash P Mallya, chairman and managing director of the Bank said.

Speaking to reporters here on Monday, he said the bank has set a target of doing a business of Rs 60,000 crore by the end of this fiscal. The Bank also aims to achieve an aggregate business of Rs 50,000 crore before it celebrates its platinum jubilee day on October 23, 2006.

"We are aiming at 35 per cent growth which is not big for the Bank. The corporate goal of the Bank for 2006-07 is profit through accelerated growth", he said.

Regretting that the profit of the Bank has dipped by 66 per cent during the last financial year, he hoped that it would increase its profits this financial year.

The Bank will increase its number of branches from 923 to 1,000. Of the 923 branches, 433 are in Karnataka and 265 branches are in rural areas. So far 365 branches have been covered under core banking solution which would be increased to 500 this financial year, he said.

New schemes and new products would be introduced by the Bank this year as part of its platinum jubilee celebrations and it may enter into gold business also, he informed. The Bank will also give greater thrust to foreign exchange business, he said.