South Indian Bank

South Indian Bank Ltd (SIB)

Type	Private BSE & NSE
Industry	Banking Financial Services Insurance Capital markets
Founded	1929
Headquarters	Thrissur, Kerala, India
Key people	Dr V.A. Joseph, Managing Director and Chief Executive Officer
Products	Loans, Savings, Investment vehicles, Insurance etc.
Revenue	21.4418 billion
Website	www.southindianbank.com

South Indian Bank Limited (SIB) (BSE: 532218, NSE: SOUTHBANK) is a private sector bank headquartered at Thrissur in Kerala, India. It is headed by Dr VA Joseph, Managing Director & CEO of the bank. South Indian Bank has 580 branches and 3 extension counters spread across more than 26 states and union territories in India. It has set up 375 ATMs all over India. In the year 2010-11, the bank is planning to add 60 more branches throughout India which aims at having presence in all the states of India. The current growth plan of the bank is to establish 750 branches, 750 ATMs and 750 billion businesses by the end of financial year 2013. The bank offers major services in various segments - accounts and deposits, loans, mutual funds, insurance, money transfers and other value added services. The Kerala Government had given permission to SIB to accept commercial taxes. The bank has been appointed as the largest service provider (point of sale) for the New Pension Scheme (India) launched by the Government of India.

Slogans changing with times

• The South Indian Bank Ltd. - In Step With Progress
• Growing To Serve You Everywhere
• Your Interest Above Everything Else
• A Bank For All Seasons
• Blending Tradition with Technology
• Experience Next Generation Banking

Milestones

• First among the private sector banks in Kerala to become a scheduled bank in 1946.
• First bank in the private sector in India to open a Currency Chest in April 1992.
• First private sector bank to open a NRI branch in November 1992.
• First bank in the private sector to start an Industrial Finance Branch in March 1993.
• First among the private sector banks in Kerala to open an "Overseas Branch" in June 1993.
• First bank in Kerala to develop an in-house, a fully integrated branch automation software.
• First Kerala based bank to implement Core Banking System.
• Third largest branch network among Private Sector banks in India.

Awards and Accolades

• Best Bank in Asset Quality Award- Dun & Bradstreet.
• No. 1 in Asset Quality- Business Today Ranking of Banks.
• Best Performer in Asset Quality- Analyst 2008 Survey.
• Top NPA Manager- ASSOCHAM- ECO Pulse Survey.
• Best Old Private Sector Bank- Financial Express India's Best Banks 08-09.
• Best Asian Banking Website- Asian Banking & Finance Magazine, Singapore.
• Best private sector bank in India in the service quality segment-Outlook Money - CFore Survey
• Special award for excellence in Banking Technology from IDRBT (Institute for Development & Research in Banking Technology) – the technical arm of the Reserve Bank of India as a national level recognition to the excellent contribution made in the area of Information Systems Security Policies and Procedures.^{[citation needed]}

New corporate brand logo

Old logo

South Indian Bank unveiled the new corporate logo that demonstrates the major transformation the bank has undergone since its inception. Mammootty, the three-time Bharath award winning megastar, who is also the global brand ambassador of the bank, unveiled the new corporate brand logo.

Brand Ambassador

Mammootty is the brand ambassador of South Indian Bank.

The bank, as part of a global brand-building exercise, has signed South Indian actor Padmashree Bharath Mammootty as its brand ambassador banking on the film star's `pan India appeal, clean image and popularity among the NRI community'. His tech savvy image goes hand-in-hand with the bank which has always been at the forefront of embracing technology. The initial contract between the bank and actor was for three years which was later extended for five more years. Currently SIB is the only bank in South India that has a brand ambassador. By endorsing Mammootty as its global brand ambassador, SIB has received a huge boost especially in the Middle East.

Tie-ups

ING Life has a tie-up with SIB to collect insurance policy renewal payments for ING Life customers. SIB also has bancassurance arrangements with both Bajaj Allianz General Insurance Company Ltd for distribution of non-life insurance products and the Export Credit Guarantee Corporation of India for distribution of export risk cover. It has also tied up with ICICI Prudential AMC, Franklin Templeton, TATA Mutual Fund, Sundaram BNP Paribas, UTI Mutual Funds, Reliance Mutual Fund, HSBC Investments, HDFC Mutual Fund, Fidelity Fund Management Pvt Ltd , Principal Mutual Funds, Fortis Investments, Birla Sun Life Asset Management Company Ltd and DSP BlackRock Mutual Funds, all mutual fund houses, for distribution of their mutual fund products. In March, 2010, the bank signed an agreement with Sri Lanka's Hatton National Bank (HNB) for exchange of services and expertise between them. The MoU set out a framework between the two banks to enter into mutually beneficial arrangements to offer banking services to their respective customers. The tie-up was expected to foster trade-related cross border business like advising and confirming Letter of credit, negotiating and discounting of export-import bills and providing credit report of customers between the two countries. It would also enable the customers of HNB to utilise the services of Hadi Express Exchange, for which management support is provided by SIB.

Financial results for the year 2009-10

• Total Business: 39125 crores
• Revenues: 2144.18 crore
• Profit After Tax: Rs 233.76 crore (20% growth)
• Stock Market Capitalization: Rs 1,574.75 crore as on Feb 23, 2010.

The bank showed a consistent growth in its earnings and grew over 20% which is higher than the industry average. The bank targeted a business of 360 billion for the financial year 2009-10, but the growth was so quick that it was achieved before time. Later the target was increased to 380 billion and that too was exceeded before the quarter end. South Indian Bank is targeting a total business of 480 billion for the FY 2010-11.

Board of directors

• Amitabha Guha -Non- Executive Chairman)
• Dr.V.A Joseph - Managing Director & CEO
• Abraham Thariyan - Executive Director
• Cheryan Varkey - Executive Director
• Paul Chalissery - Director
• N J Kurian - Director
• Jose Alapatt - Director
• Mohan Alapatt - Director
• Thomas JAcob.K - Director
• H.Suresh Prabhu -- Director
• Mathew L Chakola - Director

External references

• Official Website
• Find IFSC Code of all South Indian Bank branches in India, or Branch Details by IFSC Code
• Interview of Dr. V.A Joseph, Managing Director & CEO, South Indian Bank