Global Trust Bank to expand network

By Our Staff Reporter

CALCUTTA, MARCH 12. Global Trust Bank expects to score 35 per cent growth in net profit in the current fiscal. At a press conference here on Saturday, the bank Chairman cum Managing Director Mr. Ramesh Gelli said that the credit and advances surged by a substantial Rs. 1,000 crores during the year.

The bank opened its third branch and another ATM in Calcutta. Mr. Gelli said that another 10 off-site ATMs will be opened this month alone, taking the total to 40. The number will hit 100 and 200 by December 2000 and 2001 respectively. The branch network now stands at 68, of which 60 are in four South Indian states. Three more licenses for rural banks are yet to be utilised. The number of branches will reach 100 by end of 2001. While predominance in South India will continue, two branches each will be opened in M.P, Orissa and Assam. Presence in Calcutta and Delhi will be enhanced.

Asked whether the bank will hold its plans to expand the services in retail banking especially in credit and debit card business, till a suitable foreign partner is available, he said that preparation for a contingency plan is on.

A clearing bank of BSE and NSE, Global Trust is now negotiating with Calcutta Stock Exchange. ``Hopefully, we will shake hands within next 10 days''.

Though the shareholders already passed an enabling resolution, the 26 million preference share issue is still hanging in the air. ``The board of directors will take a decision on it by next week.'' Mr. Gelli, however, clarified that the bank was not in a hurry to raise the money as it complied with the capital adequacy after the recent enhancement of tier-II capital by Rs. 71 crores.

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