Tamil Nadu's Finance Minister inaugurated Federal Bank's new Chennai administrative office

NEW DELHI- Hon’ble Finance Minister Dr.PalanivelThiaga Rajan inaugurated the shifting of the Mount Road Branch, Zonal Office, Collection & Monitoring Departments, Credit Hubs and Wholesale Banking Units of Federal Bank at Akshaya Shanti, Mount Road, Chennai.

The new premises was inauguratedin the presence of C Balagopal, Chairman of the Board of the Bank, Shyam Srinivasan, MD & CEO, Harsh Dugar, Group President & Country Head, Wholesale banking, Venkatraman Venkateswaran, Group President & CFO, Eqbal Manoj, Senior Vice President and Zonal Head and other dignitaries from the Bank, well-wishers, customers and other guests.

Speaking on the occasion, Hon’ble Finance Minister emphasized that the revenue deficit of the state has reduced and stressed that it is important for the government and banks to work together to make a change in the economy.

The consolidation of all administrative Offices in Chennai to a single-owned prime location marks the aspiration of Federal Bank to increase its market share in Tamil Nadu.

Federal Bank About-

Federal Bank (NSE: FEDERALBNK) is a leading Indian private sector bank with a network of around 1,351 banking outlets and 1,896 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at rs. 3.69 Lakh Crore as on 31st December, 2022. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 13.35% as on 31st December 2022.

Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for Non-Resident Indian customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.