Public sector lender State Bank of Mysore (SBM) is planning to expand its presence in South India by opening around 90-100 branches by December next year.
The bank, which employs a total of 10,500 staff, is planning to hire 700 new staff in 2015. In addition, it has also launched 21 special branches in Karnataka to provide speedy loans to micro, small and medium enterprises (MSMEs).
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Meantime, the bank has also raised INR5bn through Tier II bonds to strengthen its capital base.
With its branch expansion strategy, the bank aims to reach into deeper pockets of Karnataka.
SBM has 1,000 branches nationally, out of which 820 are based in Karnataka and 140 in Bangalore.
State Bank of Mysore managing director Sharad Sharma said: "We propose to open 90-100 branches by 2015 end, focussing primarily on Karnataka. A minor share of this growth will be in Kerala and Tamil Nadu.
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By GlobalData"We have recruited 800 clerks this year. In March 2012, we had 730 branches and within a three-year period, particularly last year, we opened 270 branches. The bank opened its 1,000th branch in Mysuru," Sharma added.
