Central Bank of India – not to be confused with the country’s central bank Reserve Bank of India – is following Union Bank’s aggressive growth targets.
Central Bank of India is planning on hiring 5,000 more staff, investing in new technology and expanding outside of its domestic market in order to increase its retail banking business.
Retail banking currently accounts for 11% of the bank’s overall business, but the bank aims to increase its contribution to 15% within two years, the bank’s chairman and managing director M.V Tanksale told local publication The Hindu.
The bank is also placing more emphasis on building a relationship with its customers, which in combination with new technology, it expects will spur sales per branch.
It is also planning on penetrating the African market more, with representative offices in Nairobi and Mozambique.
Central Bank of India is the sixth biggest by assets in India, but has the third largets branch network with about 3,800 branches.