-Syndicate bank creates new verticals to increase non-interest income.Global Banking News-August 17, 2012--Syndicate bank creates new verticals to increase non-interest income(C)2012 ENPublishing - http://www.enpublishing.co.ukGlobal Banking News - 17 August 2012 Indian public sector bank, Syndicate Bank Syndicate Bank, established in 1925 in Udupi (in Karnataka, India) by Upendra Ananth Pai, Vaman Kudva and Dr. T. M. A. Pai, is one of the oldest and major commercial banks of India. (NSE NSE - Network Software Environment: a proprietary CASE framework from Sun Microsystems. : SYNDIBANK) has introduced mid-corporate and fee-based income verticals to increase its non-interest income and also to better its response time. In addition to corporate clients the bank plans to cross sell mutual funds and insurance to retail customers. The bank has plans to partner with an existing life insurance company to enter the insurance business. Results for the quarter ended June 2012 showed a decrease in income and brokerage from a comparable period last year, from INR INR In currencies, this is the abbreviation for the Indian Rupee. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1.3bn to INR1.18bn this year, registering a 9.26 percent fall. [Editorial queries for this story should be sent to gbn@enpublishing.co.uk] ((Distributed via M2 Communications - http://www.m2.com)) |
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