Kerala's Federal Bank to Open Singapore, Middle East Offices

Kerala-based Federal Bank, which currently has just one representative office outside the country in Abu Dhabi, United Arab Emirates, is working to open two more offices abroad.

VR Madhavakumar, additional zonal head of Federal Bank, said they are working to open two more branches. "One is being planned in the Middle East and another one in Singapore. At the moment, we have one representative office in Abu Dhabi, which has 25 of our employees, who currently operate in the Middle East market," said Madhavakumar.

Federal bank is currently one of the top banks in India in terms of capital base and boasts a capital adequacy ratio of 15.90 per cent.

"Our net worth is now Rs 5,600 crore, the highest among all banks in the state and is higher than that of the State Bank of Travancore," said Madhavakumar.

The total deposits of the bank grew by 26.63 percent, from Rs 36,913 crore as on December 2010 to touch Rs 46,742 crore as on December 2011.

With regard to non-resident Indian deposits, it grew by 35.41 percent to touch Rs 10,546 crore during the same period.