The Hindu : City Union Bank to launch online branch

Online edition of India's National Newspaper
Sunday, Feb 22, 2004

Tamil Nadu

Tamil Nadu - Coimbatore

City Union Bank to launch online branch

By Our Staff Reporter

COIMBATORE, FEB. 21. The Kumbakonam-based City Union Bank (CUB) Limited would open its first online branch at Oppanakkara Street here on February 23. With this the total number of CUB branches in the district would go up to eight, the assistant general manager of the bank, Coimbatore branch, D. Kannappan told presspersons here today.

The bank, which had 125 branches across the country, planned to open 10 more branches by March 2004. The new branch would focus on the retail segment, he said. It had entered into an agreement with Tata Consultancy Services for implementing the core banking solution-Quartz.

It was planning to increase the number of on-site ATMs from five. When asked whether the CUB was contemplating tie-ups with other banks for opening Automated Teller Machines (ATMs), Mr. Kannappan said that they would do so only after networking some branches. The bank expected to network 25 main branches before the end of this financial year, he said.

In a bid to augment its fee-based income, the bank has entered into a memorandum of understanding with the Life Insurance Corporation of India and National Insurance Company Limited for composite insurance business.

The centenary celebrations of the bank would be held in the city on February 22. The bank's chairman, V. Narayanan, would participate.

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