Date:23/02/2005 URL: http://www.thehindubusinessline.com/2005/02/23/stories/2005022301960600.htm

Back South Indian Bank plans UAE office

Our Bureau

Kochi , Feb. 23

SOUTH Indian Bank plans to open a representative office in the UAE, for which preliminary efforts are under way.

Speaking at the inaugural function of the Noida branch, the Bank Chairman, Mr A. Sethumadhavan, said that the bank would be enhancing the capital base next year to meet the capital adequacy requirements under Basel II accord.

The bank plans to take its net worth to around Rs 1,000 crore by March 2007.

South Indian Bank plans to open over 20 branches at centres with potential the coming year, a press release has said.

This year the bank plans to open branches at Amritsar, New Delhi, Nagpur and Raipur.

The core-banking solution implemented in the bank, in technology partnership with Infosys, now covers about 86 per cent of the bank's total business.

The Chief Financial Officer of the Noida Development Authority, Mr J.C. Chawla, inaugurated the 423rd branch of South Indian Bank.

The branch has anywhere banking facility, an ATM and a locker facility.