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.

DuyguTavan August 17, 2011

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.