Financial services firm Irinjalakuda Credit and Leasing Company (ICL) on Monday announced that it would set up new branches in the Southern states.
“We are planning to expand our portfolio from 24 to 66 branches in the current financial year and 100 more branches by the next financial year in Tamil Nadu, Karnataka and Kerala,” K G Anilkumar, MD and CEO of ICL said.
He said, each branch would be established at a cost of Rs 25 lakh.
The company is taking measures to set up at least 15 branches each in Tamil Nadu and Karnataka in the next financial year. “At least 10 branches will be set up in Chennai and Bengaluru,” he said, adding, “The main objective of this initiative is to tap more customers and increase our penetration across the southern market.” Stating that Kerala will also have about 20 branches, Anilkumar said, “All these ICL branches will have a strong team with dynamic and knowledgeable professionals, sales managers and financial planning advisors.”
He said, the branches are designed with unique schemes as per market trends, and that will help the company retain its client base. The company is expected to reach around Rs 5,000 crore, with 1,000 branches by 2020, he added.