Bengaluru, 12th January 2024: Building on the remarkable success of its initial branches in Bengaluru, AU Small Finance Bank (AU SFB), India’s largest SFB, is entering the next phase of expansion in the city. Today, signifies the inauguration of its 9th branch at Malleswaram, Bengaluru, with five additional branches in the pipeline for this fiscal year.
Over the last two years, AU SFB has received immense appreciation for its innovative banking products and services in Bengaluru. The inauguration of the Malleswaram branch underscores the bank’s dedication to addressing the evolving banking needs of the tech-savvy community in Karnataka.
The strong economy of Karnataka makes it significant market for the banking segment, offering high potential of deposits and credits. As per Economic Survey 2022-23, Karnataka offers fourth largest deposit market worth Rs 13,82,552 crores and fourth largest credit market worth Rs 8,88,922 crores. Bangalore alone contribute to around Rs 9 lakh crores of deposits of the State and remains a key city in AU SFB’s expansion plan in South India.
On Malleswaram branch inauguration, Uttam Tibrewal, Executive Director, AU Small Finance Bank, said, “As a customer-centric bank, we strive to serve customers in Karnataka with our unique proposition while fostering long-term relationships.
We aim for the customers in Bengaluru to enjoy the advantages of our flagship features, such as monthly interest payout on savings accounts, extended banking hours, 24×7 video banking, along with meticulously crafted wealth management products. To date, the positive response and trust from our tech-savvy clientele have instilled confidence in us to extend our presence. AU SFB aims to expand its footprint strategically and progressively in Bengaluru and other Southern states over the next few years.”
As of December 2023, the Southern region has surpassed Rs 3,000 crore in the deposit book of AU SFB, instilling confidence of AU SFB to scale up its operations in South India. With 19 operational branches already in place, including the recent initiation in Coimbatore, AU SFB is set to fulfill its promising expansion plans in the South. The bank aims to reach approximately 37 branches in South India by March 2024.
