Bank to target immigrant population in New York

Friday, 20 June 2003, 07:00 Hrs
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NEW YORK: An American bank plans to open new branches in New York City and Long Island this year to address the growing immigrant population in the area and target small- and minority-owned businesses.

Green Point Bank will open eight new branches this year, top officials of the 134-year-old group told IANS.

"Since last year, we have opened 10 new branches in New York. We already have over $350 million in deposits. That's like starting two whole new banks," said Ramesh N. Shah, executive vice president, retail banking.

Bharat B. Bhatt, president and chief operating officer, said the basic strategy of the bank has been to match the products and services that the market place is demanding.

The two executives, along with Richard Humphrey, senior vice president, spoke on the sidelines of an event at the newly-opened branch in Jackson Heights, Queens, to interact with business leaders and customers from the South Asian community.

On the issue of targeting small- and minority-owned businesses, Shah said: "We are talking about basic businesses with 10-15 employees and professionals --- doctors, lawyers, accountants."

He said the group's business model was suited to address all the needs of a customer from a financial institution.

"From the same branch, we offer business banking services, investment and insurance services, mortgage services, we have mortgage specialists who work out of the branch -- it is a full range of banking, insurance and mortgage services," Shah said.

Source: IANS
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