Unity Bank expands in TN; opens 8 new branches
Unity Bank is a scheduled commercial bank, promoted by Centrum Financial Services Ltd. It has a deposit base of over Rs 9,000 crore, a loan book of over Rs 8,500 crore and a network of about 400 banking outlets across 20 states and union territories in India.
Inderjiy Camotra, MD & CEO, Unity Bank
CHENNAI: Unity Small Finance Bank Limited (Unity Bank), a new-age, digital-first bank, has established its presence in TN with the launch of eight new branches on Monday.
Unity Bank has opened branches in Besant Nagar, Adyar, Anna Nagar, Teynampet, Ashok Nagar and Nelson Manickam Road in Chennai and Avinashi Road and Gandhipuram in Coimbatore. The bank plans to open additional branches in Tiruchy, Salem and Madurai.
Inderjit Camotra, MD-CEO, Unity Bank, said "Expanding our presence in TN is a strategic move, given the state's significance as a thriving cultural and economic hub. TN is a centre for diverse industries, including textiles, automobiles, and information technology. The state also has a robust MSME sector and a growing population of high-net-worth individuals (HNIs). Unity Bank aims to tap into this vibrant landscape, offering tailored financial solutions to entrepreneurs and residents."
Unity Bank is a scheduled commercial bank, promoted by Centrum Financial Services Ltd. It has a deposit base of over Rs 9,000 crore, a loan book of over Rs 8,500 crore and a network of about 400 banking outlets across 20 states and union territories in India.
It has in place a five-year plan that aims to serve over 10 million customers and build a loan book exceeding Rs 50,000 crore.
WHY TN?
Has third-largest number of MSMEs in the country with a share of 8% and around five million enterprises truly reflecting the enterprising spirit of the State
Unity Bank’s business banking group, offers business loans to MSMEs through secured and unsecured term loans and supply chain finance products like vendor finance, dealer finance and bills discounting
In TN, the business has built a loan book of approx Rs 500 crore
With formidable presence in South India, the business serves diverse clients such as the Vellammal Education Group, Race TNPSC Coaching Institute, Go study (Official University Partner Universities abroad) and MD Garments (Jockey Retails) amongst others
Unity Bank’s inclusive banking business that provides micro finance, has also built a strong base in South India
As of September 2024, the bank's loan portfolio in the south stands at approx. Rs 2,400 cr, serving over 1.5 lakh customers
Karnataka, Kerala, TN, Telangana and Andhra Pradesh constitute over 11% of the IB portfolio