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Mr K.M. Shet, Executive Director, Syndicate Bank, at a meeting with the bank managers in Hyderabad on Friday. — A. Roy Chowdhury

Hyderabad , July 25

SYNDICATE Bank has signed a memorandum of understanding with Allianz Bajaj Life Insurance Company for the distribution of insurance products through the bank's branch network.

In the first phase, the bank will sell Allianz products through 11 branches and subsequently the services will be extended all over the country, according the bank's Executive Director, Mr. K. M. Shet.

Addressing a press conference here on Friday, Mr Shet said that the bank was targeting an income of about Rs 1.5 crore this year and about Rs 5 crore per annum by 2006 through the sale of life insurance products. The Bancassurance Agreement was formalised on Thursday between Mr Michael Bastian, Chairman of Syndicate Bank and Mr Rahul Bajaj, Chairman of Allianz Bajaj.

Mr Shet said that the bank would be opening 140 additional branches across the country. For the current fiscal, it had targeted a business of Rs 57,000 crore, comprising Rs 37,000 crore of advances and Rs 20,000 crore of deposits. The bank was envisaging a 35 per cent growth in fee-based income that stood at Rs 300 crores last year. Out of the outstanding NPAs of Rs 1,560 crore, the bank was hoping for a cash recovery of Rs 350 crore in the current year.

He said that the bank would be opening 40 new branches in Andhra Pradesh, with 20 being in the coastal districts.

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