[sbinews] State Bank sets up SBUs for middle rung companies (Financial Express)
- From: "Rajendra S. Pai" <rs.pai@xxxxxxxxx>
- To: <sbinews@xxxxxxxxxxxxx>
- Date: Thu, 14 Oct 2004 09:30:21 +0530
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State Bank sets up SBUs for middle rung companies
Kavitha Venkatraman
The Financial Express
Published on October 13, 2004
CHENNAI, OCT 12: The State Bank of India (SBI) is setting up Special
Business Units (SBUs) for middle rung corporates, at its regional offices in
major circles across the country. The bank has set up such units in New
Delhi, Mumbai, Chennai, Bangalore and Kolkata circles recently and is
planning similar units in Hyderabad and Ahmedabad soon.
The business units will be under the direct control of the corporate office
in Mumbai. Speaking to FE, Hemant Contractor, General Manager (Mid
Corporate), Chennai, said the idea behind this initiative is to focus on the
mid size corporate segment, which is identified as a growth area.
"These mid corporate regional offices will look at corporates with a
turnover between Rs 25 crore and Rs 350 crore. These offices will not be
part of a circle. A circle will now handle only businesses including retail,
agriculture and small and medium enterprises", he said. With this
restructuring exercise, SBI has done away with its commercial banking
segment.
Branches, focusing on medium sized companies and accounts of companies with
the specific turnover criteria, will come under the direct control of the
mid corporate regional office. The powers of the mid corporate group is same
as that of the circles.
The turnaround time for the proposals will be as low as 14 days. The credit
limit is between Rs 5 crore and Rs 70 crore. Mr Contractor said, as of March
2004, credit offtake under the mid size corporate segment was around Rs
3,000 crore in Chennai circle alone and the aim is to grow by about 15-16%
by March 2005.
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