Karur Vysya Bank to add New 80 branches by 2012
The 95th Founders’ Day of Karur Vysya Bank was celebrated with much fervor in Madurai on Saturday in which His Excellency the Governor of Tamil Nadu, Dr. K. Rosaiah attended as the Guest of Honour. The evening event was to pay tributes to the Bank’s founders for their vision and spirit of service, which resulted in the establishment of the Bank in 1916. This is an annual event.
Welcoming the gathering, K.P Kumar, Chairman, Karur Vysya Bank, said, “The Bank traditionally observes the Founders’ Day every year in honour of our Founding Fathers, Shri M.A. Venkatarama Chettiar and Shri Athi Krishna Chettiar, a day on which we re-dedicate ourselves to the lofty ideas of the founding fathers and thank the Bank’s valued customers for their commendable support. Their support has been instrumental in the progress of KVB.”
K. Venkataraman, MD & CEO of the Bank, said, “The Bank plans to focus on expansion to achieve a pan India presence and is targeting opening of 80 new branches, to reach a network of 425 branches by the end of March 2012. 35 branches have already been inaugurated and an equal number will be opened in the next couple of months.
This is in line with our long term goal of achieving total business of 1,25,000 cr. and 800 branches by 2016, when the bank will be celebrating its centenary year. The bank has undertaken a business re-engineering exercise and has formed business verticals to concentrate on all segments of business and this has started yielding results.”
Highlighting the bank’s financial performance, he said that the bank’s business has grown to over 47000 cr with a deposit base of over 27000 cr and advances level of 20000 cr.
The bank is rolling out several products targeting various segments of customers. Saluting the spirit of womanhood with a value added and differentiated package of service, the bank recently launched KVB Shakthi, a special savings product exclusively for the women segment that enables them to manage their funds judiciously.
The bank is getting into strategic alliances to achieve the growth targets in the coming fiscal. One of such alliances will be a co-branded credit card with SBI and two more retail asset products in the months to come.
This Founders Day Celebrations comes on the heels of four commendable recognitions this year. These include the CNBC TV 18 Best Old Private Sector Bank 2011, the Financial Express Best Old Private Bank Runner up Awards 2011, FIBAC Best Cost Efficient Private Sector Bank 2011, and the IDRBT Best Bank for Mobile Banking among small banks 2011.
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