Union Bank of India, on Wednesday, said it plans to add 24 more branches in Karnataka and Andhra Pradesh by March 2008. Of these 13 will be in Andhra Pradesh and 11 in Karnataka. Currently the two states boasts of 238 branches (Karnataka 112 and Andhra Pradesh 126).

Briefing reporters, CMD M V Nair said, the newly created zone has a business mix of Rs 12,223 crore (Rs 5,625 crore deposits and advances Rs 6,598 crore) as of September 30, 2007 with a credit deposit ratio of 117.29 per cent. The bank has set a target of Rs 14,000 crore business by March 2008, he added.

Mr Nair was in Bangalore for the opening of bank’s Field General Manager’s office on J C Road, the ninth in the country. With this, five regions of Andhra Pradesh (Hyderabad, Vijayawada and Vishakapatnam) and two of Karnataka (Bangalore and Belgaum) will come under the new dispensation. It will cover 46 districts and 238 branches in these two states.