South Indian Bank Ltd
Encyclopedia
South Indian Bank Limited (SIB) (BSE
: 532218, NSE
: SOUTHBANK) is a private sector bank headquartered at Thrissur
in Kerala
, India
. It is headed by Dr.V A Joseph, Managing Director & CEO of the bank. South Indian Bank has 580 branches and 3 extension counters spread across more than 26 states and union territories in India. It has set up 375 ATM
s all over India. In the current year 2010-11, the bank is planning to add 60 more branches throughout India which aims in having presence in all the states of India. The current growth plan of the bank is to establish 750 branches, 750 ATMs and 75000 crores of business by the end of financial year 2013. The bank offers major services in various segments of accounts and deposits, loans, mutual funds, insurance, money transfers and other value added services. The Kerala Government had given permission to SIB to accept commercial taxes. The bank has been appointed as the largest service provider (point of sale) for the New Pension Scheme (India)
launched by the Government of India.
as its brand ambassador banking on the film star's `pan India appeal, clean image and popularity among the NRI community'. His tech savvy image goes hand-in-hand with the bank which has always been in the forefront of embracing technology. The initial contract between the bank and actor was for three years which was later extended for five more years. Currently SIB is the only bank in South India that has a brand ambassador. Through endorsing Mammootty as its global brand ambassador, SIB has received a huge boost especially in the Middle East.
AMC, Franklin Templeton, TATA Mutual Fund, Sundaram BNP Paribas, UTI Mutual Funds, Reliance Mutual Funds, HSBC Investments, HDFC Mutual Fund, Fidelity Fund Management Pvt Ltd , Principal Mutual Funds, Fortis Investments, Birla Sun Life Asset Management Company Ltd and DSP BlackRock Mutual Funds, all mutual fund houses, for distribution of their mutual fund products.
In March, 2010, the bank signed an agreement with Sri Lanka's Hatton National Bank
(HNB) for exchange of services and expertise
between them. The MoU set out a framework between the two banks to enter into mutually beneficial arrangements to offer banking services to their respective customers. The tie-up was expected to foster trade-related cross border business like advising and confirming Letter of credit, negotiating and discounting of export-import bills and providing credit report of customers between the two countries. It would also enable the customers of HNB to utilise the services of Hadi Express Exchange, for which management support is provided by SIB.
The bank showed a consistent growth in its earnings and grew over 20% which is higher than the industry average. The bank targeted a business of 36000 crores for the financial year 2009-10, but the growth was so quick that it was achieved before time.Later the target was increased to 38000 crore and that also was exceeded before the quarter end. South Indian Bank is targeting a total business of 48000 crore for the FY 2010-11.
Bombay Stock Exchange
The Bombay Stock Exchange is a stock exchange located on Dalal Street, Mumbai and is the oldest stock exchange in Asia. The equity market capitalization of the companies listed on the BSE was 1.63 trillion as of December 2010, making it the 4th largest stock exchange in Asia and the 8th largest...
: 532218, NSE
National Stock Exchange of India
The National Stock Exchange is a stock exchange located at Mumbai, Maharashtra, India. It is the 9th largest stock exchange in the world by market capitalization and largest in India by daily turnover and number of trades, for both equities and derivative trading. NSE has a market capitalization...
: SOUTHBANK) is a private sector bank headquartered at Thrissur
Thrissur
This article is about the city in India. For the district, see Thrissur district. For the urban agglomeration area of Thrissur see Thrissur Metropolitan Area...
in Kerala
Kerala
or Keralam is an Indian state located on the Malabar coast of south-west India. It was created on 1 November 1956 by the States Reorganisation Act by combining various Malayalam speaking regions....
, India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
. It is headed by Dr.V A Joseph, Managing Director & CEO of the bank. South Indian Bank has 580 branches and 3 extension counters spread across more than 26 states and union territories in India. It has set up 375 ATM
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
s all over India. In the current year 2010-11, the bank is planning to add 60 more branches throughout India which aims in having presence in all the states of India. The current growth plan of the bank is to establish 750 branches, 750 ATMs and 75000 crores of business by the end of financial year 2013. The bank offers major services in various segments of accounts and deposits, loans, mutual funds, insurance, money transfers and other value added services. The Kerala Government had given permission to SIB to accept commercial taxes. The bank has been appointed as the largest service provider (point of sale) for the New Pension Scheme (India)
New Pension Scheme (India)
- Regulator :Pension Fund Regulatory and Development Authority is the prudential regulator for the NPS. PFRDA was established by the Government of India on 23 August 2003 to promote old age income security by establishing, developing and regulating pension funds. PFRDA has set up a Trust under the...
launched by the Government of India.
Slogans changing with times
- The South Indian Bank Ltd. - In Step With Progress
- Growing To Serve You Everywhere
- Your Interest Above Everything Else
- A Bank For All Seasons
- Blending Tradition with Technology
- Experience Next Generation Banking
Milestones
- First among the private sector banks in Kerala to become a scheduled bank in 1946.
- First bank in the private sector in India to open a Currency Chest in April 1992.
- First private sector bank to open a NRI branch in November 1992.
- First bank in the private sector to start an Industrial Finance Branch in March 1993.
- First among the private sector banks in Kerala to open an "Overseas Branch" in June 1993.
- First bank in Kerala to develop an in-house, a fully integrated branch automation software.
- First Kerala based bank to implement Core Banking System.
- Third largest branch network among Private Sector banks in India.
Awards and Accolades
- Best Bank in Asset Quality Award- Dun & BradstreetDun & BradstreetDun & Bradstreet is a Fortune 500 public company headquartered in Short Hills, New Jersey, USA that provides information on businesses and corporations for use in credit decisions, B2B marketing and supply chain management...
. - No. 1 in Asset Quality- Business Today Ranking of Banks.
- Best Performer in Asset Quality- Analyst 2008 Survey.
- Top NPA Manager- ASSOCHAMASSOCHAMThe ASSOciated CHAMbers of Commerce and Industry of India is the umbrella body of chambers of commerce in India. The organisation represents the interests of trade and commerce in India, and interacting with the Government of India on policy issues, and liaisoning with their international...
- ECO Pulse Survey. - Best Old Private Sector Bank- Financial Express India's Best Banks 08-09.
- Best Asian Banking Website- Asian Banking & Finance Magazine, Singapore.
- Best private sector bank in India in the service quality segment-Outlook Money - CFore Survey
- Special award for excellence in Banking Technology from IDRBTIDRBTInstitute for Development & Research in Banking Technology or IDRBT is a banking research institute, established in 1996 by Reserve Bank of India , and is located at Hyderabad, India.-History:...
(Institute for Development & Research in Banking Technology) – the technical arm of the Reserve Bank of India as a national level recognition to the excellent contribution made in the area of Information Systems Security Policies and Procedures.
New corporate brand logo
South Indian Bank unveiled the new corporate logo that demonstrates the major transformation the bank has undergone since its inception. Mammootty, the three-time Bharath award winning megastar, who is also the global Brand Ambassador of the bank, unveiled the new corporate brand logo.Brand Ambassador
The bank, as part of the global brand building exercise, has signed South Indian actor Padmashree Bharath MammoottyMammootty
Mammootty is an Indian film actor and producer who works mainly in Malayalam cinema. He has also acted in a few Tamil, Hindi, Telugu, and Kannada films. During a career spanning more than three decades, he has acted in more than 360 films, and is only next to Prem Nazir in the number of lead roles...
as its brand ambassador banking on the film star's `pan India appeal, clean image and popularity among the NRI community'. His tech savvy image goes hand-in-hand with the bank which has always been in the forefront of embracing technology. The initial contract between the bank and actor was for three years which was later extended for five more years. Currently SIB is the only bank in South India that has a brand ambassador. Through endorsing Mammootty as its global brand ambassador, SIB has received a huge boost especially in the Middle East.
Tie-ups
ING Life have a tie-up with SIB to collect insurance policy renewal payments for ING Life customers. SIB also has bancassurance arrangements with both Bajaj Allianz General Insurance Company Ltd for distribution of non-life insurance products and the Export Credit Guarantee Corporation of India for distribution of export risk cover. It has also tied up with ICICI PrudentialICICI Prudential
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, one of the foremost financial services companies of India and Prudential plc, one of the leading international financial services group headquartered in the United Kingdom...
AMC, Franklin Templeton, TATA Mutual Fund, Sundaram BNP Paribas, UTI Mutual Funds, Reliance Mutual Funds, HSBC Investments, HDFC Mutual Fund, Fidelity Fund Management Pvt Ltd , Principal Mutual Funds, Fortis Investments, Birla Sun Life Asset Management Company Ltd and DSP BlackRock Mutual Funds, all mutual fund houses, for distribution of their mutual fund products.
In March, 2010, the bank signed an agreement with Sri Lanka's Hatton National Bank
Hatton National Bank
Hatton National Bank PLC is a leading private bank in Sri Lanka. It has overseas extension offices in Chennai and Karachi.- History :...
(HNB) for exchange of services and expertise
between them. The MoU set out a framework between the two banks to enter into mutually beneficial arrangements to offer banking services to their respective customers. The tie-up was expected to foster trade-related cross border business like advising and confirming Letter of credit, negotiating and discounting of export-import bills and providing credit report of customers between the two countries. It would also enable the customers of HNB to utilise the services of Hadi Express Exchange, for which management support is provided by SIB.
Financial results for the year 2009-10
- Total Business: 39125 crores
- Revenues: 2144.18 crore
- Profit After Tax: Rs 233.76 crore (20% growth)
- Stock Market Capitalization: Rs 1,574.75 crore as on Feb 23, 2010.
The bank showed a consistent growth in its earnings and grew over 20% which is higher than the industry average. The bank targeted a business of 36000 crores for the financial year 2009-10, but the growth was so quick that it was achieved before time.Later the target was increased to 38000 crore and that also was exceeded before the quarter end. South Indian Bank is targeting a total business of 48000 crore for the FY 2010-11.
Board of directors
- Amitabh Guha - Chairperson
- Dr.V.A Joseph - Managing Director & CEO
- Abraham Thariyan - Executive Director
- A S Narayanamoorthy - Director
- C J Jose - Director
- Paul Chalissery - Director
- N J Kurian - Director
- Davy K Manavalan - Director
- Jose Alapatt - Director
- Mathew L Chakola - Director