Allahabad Bank to expand reach, retail business

More foucs on retail segment.

This, along with increasing the footprint, especially in the South, are priorities.

The new chairperson of the state-run Allahabad Bank has said and a greater focus on the retail segment will the priorities for the lender.

"Our presence is concentrated more in UP and Bengal. We want to spread our wings into other parts, especially the South," said newly-appointed chairperson and managing director Subhalakshmi Panse.

The bank is yet to announce the second quarter earnings. In the first quarter it had reported one of the best numbers among state-runs banks, with a 23 per cent rise in net profit.

"Our aim to increase the share of our retail in the overall business to 25 per cent in next two years from 15 per cent now," she said, and added that with sound presence in semi-urban and rural markets, the bank is well-placed to achieve this.

The bank has around 741 branches in UP and 487 in Bengal out of total 2,500. "As we plan to open 250 branches this financial year, we will focus on other regions, mostly in the South," said Panse, who was executive director at Vijaya BankBSE 2.47 % before.

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