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CUB comes under National Switch

Corporate Reporter

ATM cards can be used across 15 banks

CHENNAI: City Union Bank (CUB) has come under the National Financial Switch under which the bank's ATM cards can be used across 5,170 ATMs of 15 other banks in different parts of the country. S. Balasubramanian, Chairman, CUB, inaugurated the facility.

Addressing presspersons here on Tuesday, the Chairman of the bank said the bank was in the process of finalising an agreement with VISA for launching debit card services soon.

The 100-year-old bank had entered into an agreement with Integrated Enterprises to become a `one-stop-shop' for all financial services and was planning to start DP (depository participant) services shortly.

Other initiatives included the implementation of core banking solutions. Except some rural branches all branches would be offering core banking solutions by March next year, Mr. S. Balasubramnian said.

The bank was planning to come out with a new product, `variable investment plan' offering customers a host of financial services and products. It proposed to raise Rs. 50 crore for its Tier-II capital needs and was looking at the possibility of augmenting Tier-I capital either through a preferential issue or a public issue, he said.

Q2 net profit up

On the financial performance of the bank, the Chairman said the bank had reported a net profit of Rs. 12.44 crore in the second quarter ended September 30, 2005 against Rs. 9.22 crore on a total income of Rs. 90.79 crore against Rs. 72.46 crore in the year-ago period.

The net NPA (non-performing assets) of the bank, which stood at 2.7 per cent as of September this year would be brought down to below one per cent as the bank was making a remarkable progress on the recovery front.

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