NEWS & ADVICE : AUTO INSURANCE
Syndicate bank expanding its network abroad
By Neelima Shankar
May 15, 2014
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Public sector Bank Syndicate bank is about to launch a new branch overseas. Soon the bank will approach to the apex bank for the permission. Executive Director of the bank Mr. M Anjaneya Prasad reported that the places of South Africa,Dubai Financial Centre, Hong Kong, Thailand and China are being examined for opening the new branch.

Further it has been reported that the branches in the foreign place like these are the capital incentives, and bank is surveying for the feasibility. At present bank is having only one overseas branch that is in London and serving the customers from past 40 years. According to the reports out of the Rs 2,768 crore advanced as education loans to students nationally, about 20 per cent was given in Tamil Nadu which was Rs 550 crore as on March 31, 2014. Bank also stated that Tamil Nadu is important to the bank with an annual business of Rs 20,000 crore. Bank is planning to enhance its operations in Tamil Nadu, and do a business of more than Rs 10,000 crore.


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