By IANS,
Thrissur (Kerala) : Kerala-based South Indian Bank (SIB) is close to signing a partnership agreement with a major commercial bank in Qatar, a senior SIB official said Friday.
Talks on the agreement are fast progressing and the deal would be announced shortly, the official told IANS on condition of anonymity as he was not authorised to speak on the matter.
“Once we are through with the deal, which is expected to happen any time now, banking would be a pleasurable exercise for our customers. It would be cooperation agreement between the two banks,” he added.
The pact would help the Thrissur-headquartered lender penetrate into the large Keralite community living in Qatar, he said.
According to a study by the Thiruvananthapuram-based Centre for Development Studies (CDS), around 100,000 Keralites are living in Qatar.
Earlier this month, SIB had won the 10th “Financial Express Award” for India’s best banks in the traditional banks category.
V.A. Joseph, managing director and chief executive of the bank, said this award “speaks strongly of the corporate metamorphosis SIB has undergone and also our commitment to excellence even in these turbulent times”.
SIB has set a target of achieving business worth Rs.75,000 crore by 2013. It also plans to take its headcount to 7,500 and the number of branches to 750.