Catholic Syrian Bank to double its net worth

Thrissur-based Catholic Syrian Bank (CSB) is planning to double its business and increase net worth to Rs 1,100 crore from Rs 600 crore, said S Santhanakrishnan, its chairman.

"We will be raising the net worth to Rs 1,100 crore with our initial public offering (IPO), rights issue and private placement," said Santhanakrishnan.

On March 7, the bank has opened the rights issue to raise Rs 78.4 crore. "The rights issue will not only be fully subscribed, but will be over-subscribed," he noted.

In addition, the bank will raise Rs 250 crore via private placement and Rs 500 crore via IPO. The bank's total business is expected to touch Rs 40,000 crore within a couple of years. CSB also intends to increase the number of branches from the current 390 to 500 within a few years' time.

"We might need 1,000 young staff during the period, of which 500 will be hired immediately," Santhanakrishnan said. But, Santhanakrishnan is taking a very cautious path regarding bank's growth. We will go for an internal change, rather than an external one. As part of it, we will educate people and will go to the un-banked areas in the villages," he said.

Santhanakrishnan, the founder of Chennai-based chartered accountancy firm PKF Sridhar & Santhanam, also stated that CSB will remain as a regional bank.

"Our medium-term strategy is to continue as a bank with strong regional presence. What I mean by the region is entire south India. However, Gujarat and Maharashtra will be added to this because of the GDP growth in those states. By 2020, the centenary year, we are planning to reach Rs 1 lakh crore business," he added.

The bank's new managing director Rakesh Bhatia will join on May 1, subject to the receipt of Reserve Bank of India's approval.

Bhatia, a senior HSBC official, is expected to improve CSB's foreign exchange, merchant banking and credit quality. "Above all, he is willing to buy 1% shares, which would cost Rs 7 crore, and it shows his commitment to the bank," Santhanakrishnan said

Sandip Ginodia

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