South Indian Bank (SIB) has set a target to achieve a business turnover of Rs 1-lakh crore by 2014. In a bid to achieve this bank opened 27 new branches across India of which 15 are in and around twin cities of Hyderabad and Secunderabad.
In another development, the bank eying 50% growth in its fee income in the coming two to three years to further supplement its net profit. In this regard, the company is planning to open six dedicated corporate banking facilities in major cities like Mumbai, New Delhi, Kolkata, Hyderabad, Chennai and Bangalore and is expecting corporate lending business of around Rs 1000 crore from each of these branches, which will help the bank to enhance their fee income like letters of credit and bank guarantees.
SIB is a Kerala-based private sector bank which was established in 1929. The bank has a network of over 670 branches with a sizeable footprint in Southern India; particularly in the state of Kerala. Currently, SIB has no identifiable promoter and the shareholding pattern is well diversified.
