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August 17, 2011updated 04 Apr 2017 1:07pm

Central Bank of India: Aggressive investments in next 2 years

Central Bank of India not to be confused with the countrys central bank Reserve Bank of India is following Union Banks 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.

By Duygu Tavan

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.

 

Related articles:

Union Bank of India targets unbanked segment, plans major distribution investment

IDBI launches Magic Card: combined debit and credit card

State Bank of India to open another 800 branches

Technology, regulation key to banking the unbanked

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