Shyam Srinivasan, the managing director and CEO of Federal Bank, is a well-known banker. Prior to joining Federal Bank of Kerala in 2010, he worked with two foreign banks. Srinivasan’s tenure at Federal Bank is scheduled to end in September this year.
While working at the bank for a decade, Srinivasan has transformed the old private bank into a fast, tech-savvy bank.
On his further strategies for the bank, Srinivasan said, “We have now gone from small bank to medium bank. I think people have also come to know that it is no longer an old bank.”
“When I joined Federal Bank in 2010, I started 600 new branches within 5 years,” he said. In the last 5 and a half years, I have been able to add only 20 new branches.
In 2015, the bank stopped adding new branches and its focus is on fewer branches and more distribution.
Srinivasan said that he started a credit card business to bring Federal Bank into competition with any private bank. With this, the commercial vehicle business of the bank was started.
He told, “We have started our microfinance. But it is necessary to have experience in it. If you need special kind of expertise, then we think we need to buy a microfinance company to fill this gap. If we do If not, then it will have to be grown organically. “
Before the introduction of Coronavirus, the Federal Bank stated that their growth would be 15–18 per cent annually. However, due to coronavirus, the pace stopped and the growth came down to 8-9 per cent. The bank expects 15–16 per cent growth in the next financial year.
What is the condition of the shares
The bank has set its strategy ahead so that better growth can be achieved. Federal Bank shares were trading up 1.67 per cent at Rs 79.10 at 11 am on Friday. While the Sensex is trading up 0.53 percent at 49,478.90.
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