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Andhra Bank Chairman and Managing Director R S Reddy today unveiled Dolle, a "friendly, intelligent and responsive" dolphin that will be the bank's new mascot. 'For all your needs' with a graphic enter key will be the banks new corporate slogan.
"Our new mascot and the corporate slogan symbolise the value system that Andhra Bank has been known for. We will now spread our wings across the country by opening more branches over the next one year and take the business to Rs 1.50 lakh crore from the present Rs one lakh crore," Reddy told reporters here on the occasion.
Andhra Bank, which has 1,438 branches in India, derives about 40 per cent of its business from outside Andhra Pradesh. "We already have obtained permission from the Reserve Bank of India for opening 121 new branches and will seek permission for opening 100 more," he said, adding that they have raised Rs 520 crore last week to improve capital adequacy to about 13.5 per cent.
"There is a headroom for us to further raise about Rs 2,800 crore from the market. We have not used the rights issue so far and we can go to the government for this. The government too is ready to provide funds to banks for enabling their growth," the Andhra Bank CMD said. "We expect lot of incentives for growth in the upcoming Budget," he added.
Replying to a question, Reddy said there was huge opportunity in infrastructure, pharmaceuticals and power sectors and they were in a good position to capture those markets.
He said Andhra Bank lost on opportunities by not opening many branches outside Andhra Pradesh so far. "We want to catch up now. We have identified 62 tier-2 and tier-3 cities where there is enormous scope for growth. We will now go there by presenting ourselves as a modern bank," the CMD said.
Reddy said Andhra Bank would recruit about 1,100 new staff to meet its expansion needs.
Andhra Bank would soon come up with a family savings account and also Internet banking for the benefit of customers.
Bank executive director Anil Girotra and top officials were present on the occasion.
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