United Bank to have 'Gen Next' branches

Kolkata: In an attempt to attract the younger generation, United Bank of India plans to introduce 'Gen Next' branches through which it also aims to achieve a healthy credit growth. According to S.C. Gupta, Chairman and Managing Director, United Bank, these branches will be launched in important locations and will enable customers to relax on a bean bag and watch programs on an LCD television, apart from carrying out their regular banking transactions. "We plan to have one such branch in IIM-Shillong to begin with. We will look at establishing five to six such branches by the end of next fiscal," Gupta said in an interview to Business Line.

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The bank that has received green signal from both the Union Government and the Reserve Bank of India for launching its Initial Public Offering (IPO) also plans to spread its wings in the Northern and Southern regions.

According to Gupta, the bank is hopeful of launching the IPO by January end or February first week and it is in the process of appointing the investment bankers. "We have already short-listed a few names and are hopeful of firming it up soon. Once we appoint the investment bankers and the process of due diligence is complete, we will be ready for the IPO," said Gupta.

The bank registered about 38 percent growth in credit as on September 2009 and it is hopeful of achieving advances growth of about 45,000 crore by the end of this fiscal. The main focus of bank has been on micro, small and medium enterprises, agriculture and retail. "On the corporate front, we have 7,000-8,000 crore sanctions lined up for infrastructure projects with long gestation period such as power, telecom and road projects. The disbursements will be in stages as and when the projects progress," Gupta added.