The City Union Bank Ltd, India's oldest private sector bank, announced in Chennai that it has achieved yet another milestone of posting total business in excess of Rs 8,000 crore as on March 31, 2007, an overall growth of 32 per cent. The deposit figure stood at Rs 4,698 crore, up 34 per cent (Rs 3,517 crore as on March 31, 2006), and the advances figure stood at Rs 3,378 crore, up 29 per cent (Rs 2,611 crore as on March 31, 2006). The board of directors is scheduled to meet on May 21, 2007, to finalise the annual results of FY 2006-07.

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The bank achieved the following milestones in the last quarter:

• All the branches of the bank, including rural branches, have been brought under Core Banking System.

• CUB offers a host of products and services to its customers including anywhere banking, Internet banking, mobile banking, multi-city cheque payment facility, ATM cards with access to over 6,000 ATMs nationwide, electronic funds transfer through RTGS and NEFT.

• For the third year in a row, CUB has achieved the leadership position in south zone as the No. 1 bancassurance partner for LIC of India.

• CUB received licences to open 26 new branches and during the current year, 11 have already been opened. Remaining 15 branches will be opened shortly.

• The bank has launched a new deposit scheme, CUB Akshaya, offering up to 10.50 per cent interest.

• CUB is aiming to achieve Rs 25,000 crore turnover comprising of Rs 15,000 crore in deposits and Rs 10,000 crore in advances by March 2011. In order to achieve these figures, CUB is required to achieve a networth of Rs 1,000 crore by 2010-2011. This will be met through internal accruals and fresh equity infusion, if required.

• October 2006 saw India's premier engineering conglomerate Larsen & Toubro Ltd, evince interest in a stake in CUB. Following shareholder approval and approval of the Reserve Bank of India, L&T was allotted 12,00,000 shares at Rs 169 per share during March 2007. CUB and L&T plan to work together in various mutually beneficial areas permitted by RBI.

R Rangaraj

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Published on May 9th, 2007