Date:09/08/2005 URL: http://www.thehindubusinessline.com/2005/08/09/stories/2005080901620600.htm

Back Corporation Bank eyes 30 pc growth in credit

Our Bureau

Kolkata, Aug 8

CORPORATION Bank, the CMD said, is eyeing a 25-30 per cent growth in credit during 2005-06, which will help it shore up its business to roughly Rs 55,000 crore. Its total business currently stands at around Rs 46,000 crore.

The Government's holding in the bank - 57 per cent - is not likely to be reduced immediately although "some room" is still left for such a reduction. The bank's net worth stands at Rs 3,200 crore at this juncture.

"We are trying to open about 70 new branches. Besides, applications have been made for representative offices in Hong Kong and Dubai," Mr Chopra maintained.

As for ATMs, the target is to have 1,050 machines installed by the year-end.

On another front, the bank is awaiting Court's approval for merging its home finance subsidiary. The latter has a Rs 300-crore portfolio. Its board has approved the proposed merger.