Andhra Bank to open 500 new branches in next four years

Andhra Bank to open 500 new branches in next four yearsPublic sector lender Andhra Bank on Wednesday revealed its plan to open 500 more new branches in the next four years to increase its total branch count to 2000.

According to official sourcs, the lender is expanding its network outside Andhra Pradesh by opening 121 branches this year.

The bank, which currently has 1452 branches, is targeting a business of Rs 1.50 lakh crore by September 2010.

Apart from latest development, Andhra Bank in also busy in launching a JV company, which would offer life insurance products to general public, in partnership with Bank of India and UK based Legal and General Plc.

The Andhra Bank had 23% stake in the JV company, which will be launched by October-November, this year. The shares of the bank today closed at Rs 88 on BSE.