Indian Bank is planning to expand its overseas operations by foraying into new markets. The BSE listed bank is also looking to utilize technology and business process re-engineering to rationalise the strength in various offices and branches.
As part of its plans, Indian Bank intends to open a branch in Sri Lanka’s industrial town Kandy and re-open branch in Jafna by September 2010, reported The Economic Times.
Besides expanding the business of Singapore branch, the India-based public sector bank is also mulling to open a branch in Maldives and a representative office in Jakarta in Indonesia.
TM Bhasin, CMD of Indian Bank, said that the bank is keen to bolster its merchant banking subsidiary and to re-enter mutual business, which it sold to Tatas during difficult times.
Mr Bhasin said: “We will focus on people, process and technology (PPT). We want to make full use of information technology and business process re-engineering to rationalise the strength in various offices and branches. They will be re-deployed in new branches,” according to the source.