Ahmedabad, 1 August 2014

Andhra Bank will open its 25 branches in Gujarat this year and 50 branches in the next year. Andhra Bank has presently 26 branches in Gujarat.

These details were shared by Andhra Bank Chairman and Managing Director Shri C VR Rajendran in Ahmedabad today on the occasion of opening of Zonal Office at Paldi.

In his address on this occasion Shri Rajendran said, “in Gujarat we have targeted for a business of Rs.10,000 crores by year 2016. To achieve this goal we are opening 25 branches in this year and 50 branches in the next year. Presently we have 26 branches in the State. With this expansion we will be having 100 branches by 2016 which will help us to achieve the target of Rs.10,000 crores. Our Bank will be participating in financing MSME segment and also in dairy and agricultural activities. As a banker we know that percentage of NPA is very less in Gujarat. We wish to focus over cotton business and ports also in Gujarat.”

“People in Gujarat are basically in trading and manufacturing activities. Because of Modi factor, large scale infrastructure development is expected to happen here. Delhi-Mumbai industrial corridor, strategically important ports of Gujarat boost export activity. Andhra Bank will participate in a big way in export finance, ” he added.

The formation of new Zone in Ahmedabad will help in easy and fast sanction of proposals, he said adding that this will also further helps to render quality service and reach more customers in Gujarat.

“The total Business of the Bank stood at Rs.2,62,500 crores of which deposits are Rs.1,46,500 and advances are Rs.1,16,000 crores. The NPA level is under control and the Bank will be improving the capital base by internal accrual of income,” he further said.

Chairman and Managing Director sought the co-operation and help of the customers to grow the business and assured of best quality of service.

The inauguration of the Andhra Bank, Zonal Office, Ahmedabad was attended by prominent customers from Ahmedabad and other places in Gujarat.

Zonal Manager Shri G. Malleswara Rao thanked all the customers for making the event successful.