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GTB will grow at 50 per cent: Gelli

G Singa Rao

Global Trust Bank chairman and managing director, Ramesh Gelli, told the shareholders on Friday that the bank would continue to grow and a 40 to 50 per cent growth could be targeted.

In a personal communication, updating the shareholders on the jinxed merger with the UTI Bank, Gelli said the bank would remain vibrant and a growing organisation. Gelli said none of the media reports had altered the fundamental strength of the bank.

He said superior customer service has been the key strength of the bank and with the significant technology investments made during 2000-2001, the bank would be able to deliver many more customer conveniences. He added that the bank was also benchmarking its accounting with global standards by working towards US Generally Accepted Accounting Practices.

Gelli's communication follows two-days of internal deliberations and discussions among the bank's top executives over the developments since January and the final withdrawal from the merger move.

It was noted that because of the merger move, business aspects of the bank had been neglected for almost two months and several new branches -- for which licences had been obtained from the Reserve Bank of India -- had been put on hold to avoid duplication with the UTI Bank's branches.

The bank decided to go ahead with the opening of 20 new branches and increasing the ATMs from the existing 105 to 250 by the year-end. It further decided to invest around Rs 200 million -- same as that of last year-- on technology upgradation and new product offerings during 2001-2002.

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