Kotak Mahindra Bank plans to increase its branches

Coimbatore: With its customers base rising at the rate of 60-70 per cent annually, Kotak Mahindra Bank plans to increase its branches to 200 by June next year, a senior Bank official said on Thursday. The bank, which is growing at the rate of 60-70 per cent annually and adding about 35,000 new customers monthly, wants to add 50,000-55,000 new clients per month by the end of this year, Kotak Mahindra Bank group head (Retail Liabilities and Branch Banking) K V S Manian told reporters here.

Accordingly, the bank would increase its branches to 180 from the present 132 in 92 locations by March next and to 200 by June 2008, in around 100 locations, Manian said, adding of this 25 per cent would be in rural areas. The bank would increase its ATM network from the present 150 to 300 over the next year. Modalities were being worked out to launch credit card and the final shape would be given in five to six months. The bank was open for acquisition and also planning to raise equity capital, exact mode for which would be finalised shortly, Manian said. The bank was in the process of opening a representative office in Dubai, for which the bank is awaiting approval from the government of that country, he added.

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