Chennai, 20/6/006 : City Union Bank Ltd. announced an ambitious target of Rs. 10,000 crores to be achieved by end of financial year 2007. An additional 24 branches before March 2007 is also anticipated, taking the entire network to 170 branches to facilitate achieving the ambitious target stated earlier. This follows the encouraging financial performance achieved in the year ended on 31st March 2006 below.
Speaking to media at a news conference, Shri. S. Balasubramanian, Chairman & CEO, CITY UNION BANK stated “CUB is embarking on an ambitious plan to open 24 more branches in the current year with a total business target of Rs.10000 crore for the FY2007. The Percentage of Net NPA to Net Advances declined steeply from 3.37% to 1.95%. Currently, we have 146 fully operational retail branches across 7 states and 2 union territories in the country. The bank has also brought 105 of its branches under Core Banking Solution and intends to connect the remaining branches under CBS by September 2006.
New Investor Friendly Measures by City Union Bank Ltd.
1. Easy Procurement of Deposits :
City Union Bank has appointed Integrated Enterprises (India) Ltd., as a Business Facilitator for marketing its Fixed Deposits. Integrated Enterprises (India) Ltd., is a 30-year old company with a network of 106, branches across the country. This association would benefit the bank to garner more deposits from the public, even from locations where the bank does not have a branch. City Union Bank is in the process of setting up of ‘Integrated Advisory Kiosks’ at select branches of City Union Bank with the help of Integrated Enterprises (India) Ltd, through which Mutual Funds and other financial products will be sold to customers of the bank.
2. Easy Filing of Income Tax Returns :
The government is in the process of setting up help centers in various places to help small businessmen and tax payers to file their income-tax returns. City Union Bank on its part proposes to offer a unique facility by
- (a) Preparing the income-tax return on the spot on the basis of information provided by clients
- (b) Electronically transmitting the same to the Income Tax Department and also
- (c) Filing the Paper return with the local income tax office.
This facility is being made available through branches of Integrated Enterprises (India) Ltd.