Corporation Bank to shift base to city

With Corporation Bank all set to move its major operations from their head office in Mangaluru to Bengaluru, the coastal city is close to losing its status as the cradle of banking.

Though the bank may retain Mangaluru as its headquarters, it would be by name only, like Manipal-based Syndicate Bank that moved bulk of its operations to Bengaluru. Its board of directors agreed to the conceptualisation and layout plans at its 8-acre land at Yelahanka in Bengaluru. It would have every facility, including the staff training college.

The approved facilities include administrative units and other offices, executive block, board room with all infrastructural facilities, Corp Bank training academy (in about three  acres), IT units such as FTS, web centre / financial inclusion division, core centre, merchandize acquisition centre, e-lobby and currency chest (in about two acres) and accommodation for the staff. While Mecon Limited, Ranchi, has been chosen as the executing agency, it has appointed SS Infrastructure Development Consultants Pvt Ltd (Hyderabad) as the “architect consultant” for development of bank properties.

The seven-storey administrative building will have seating capacity of 850, besides cabins for chairman and officials. The facility will also have a 700-seater multi-purpose hall, three 100-seater meeting halls, 25-seater meeting rooms  in each floor, six-seater discussion rooms  in each floor.

While the ground floor in the facility will have security division, the first floor will have financial management and treasury, second will house personnel management/marketing and third credit division. inspection and audit and IT will occupy floors four and five.

The move has caused resentment among public figures in the city. Addressing a press conference on Saturday, MLA J R Lobo questioned the board’s wisdom in approving the Rs 1,000 crore transfer plan at a time when the bank registered Rs 506 crore loss in 2015-16 for the first time in its 110 year history.  Mangaluru Mayor Harinath said efforts will be made by leaders across party lines to stop the process of shifting the bank to Bengaluru. The Commerce Ministry and the RBI will be approached through MPs Oscar Fernandes, Veerappa Moily and Union minister D V Sadananda Gowda. ­