MUMBAI, India -- Standard Chartered, India's largest foreign bank, says it will expand its distribution network and branch footprint across India, with the opening of 23 new branches and 81 off-site ATMs during 2003, according to a report by the Bernama news service.
In the initial phase of the expansion, Standard Chartered will enter 10 cities with new branches, opened in Chandigarh, Ludhiana, Jaipur, Lucknow, Bhopal, Baroda, Surat, Jallandhar, Secundranad and Indore.
The second phase will see branches in cities like Delhi, Mumbai, Chennai, Kolkata and Bangalore, according to the report.
When its expansion plans are completed, the bank will have 81 branches and 156 ATMs in 25 of India's major cities.
Mervyn Davies, StanChart's group chief executive, said that India was one of the most important markets for the bank and had the biggest growth opportunities.
Vishu Ramachandran, the bank's regional head of consumer banking, said StanChart's decision to expand was based on the rapidly changing retail landscape in India and the consistent lowering of interest rates.
He said that studies indicated that disposable income had increased dramatically and customers were looking for a wide range of innovative products.
