Chartered Bank is planning to focus on its recently launched
business financial services (BFS), non-resident business
and expansion to 15 other cities for growth in the next
Bank regional head (consumer banking) Vishu Ramachandran
says by 2005, these new areas would account for 15-20
per cent of the banks total revenues. Currently these
businesses contribute a minuscule amount to the total
revenues. The non-resident business, for instance, contributes
to less than 3 per cent of the revenues.
BFS, meant for small
businesses, provides cash management, investment options and
working capital requirements. On retail expansion, the bank is
planning to increase its presence in 10-to-15 cities across India.
They include Chandigarh, Lucknow, Jalandhar and Bhopal.
After the merger between StanChart and ANZ Grindlays, the bank
has been in the process of rationalising its branches. About 10
branches have so far been merged, relocated or closed down.