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SOUTH INDIAN BANK: EMERGING PRIVATE BANK



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 ATMs 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.


Shareholding Pattern (click on image to view)


 










Big Four ( four largest bank in India) is the name given to the four biggest banks by assets in a certain area.
In India, these are:
  • State Bank of India
  • Punjab National Bank
  • Bank of Baroda
  • ICICI Bank
In private sector the ICICI bank was the first to pick up the maximum shares in SIB.
ICICI Bank had a maximum of 11.25 per cent holding in SIB, according to data as of June 30, 2004.The RBI, by way of a circular dated July 6, 2004, had said:”Banks/FIs should not acquire any fresh stake in a bank’s equity shares, if by such acquisition, the investing bank’s/FI’s holding exceeds five per cent of the investee bank’s equity capital.
After which ICICI sold its SIB holding in consecutive years. But year on year the FII holding has increased rapidly.