Mumbai, August 1: The Kerala-based Nedungadi Bank will focus on specialised banking and will also get into the field of insurance distribution. This plan is as per the business planning and restructuring initative taken up by the bank with Pricewaterhouse Coopers (PwC) and will be chalked out over the next five years.To enhance its fee-based income, the bank will consider a strategic alliance for distribution of insurance products. The bank will take a strategic decision to adopt a focussed and specialised banking approach.
It is planning to diversify into personal financial services in Kerala and Tamil Nadu in a major way with focus on traders and the small business segment, a bank release said.
As a part of the focused banking approach, it will be reorganising the corporate and branch offices. The corporate office will be organised on strategic business unit (SBU) lines with corporates, retail and treasury areas being accorded the status of individual profit centres. The bank will strengthen its credit and recovery organisation at the corporate and regional office levels. It also plans to convert its branches into corporate banking, retail banking, agriculture finances, small-scale industry (SSIs), and deposit gathering branches so as to offer quicker and better delivery of its services, the release said.
To support its initiatives, the bank will give a significant thrust to the use of information technology. The phases, in which technology will be introduced in various operations of the bank with the branch priorities for technology upgradation, are being currently studied.
PwC will assist the bank over the next five years for the initatives.
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