Hyderabad, Sep 24 : Muthoot Finance Limited, one of India’s leading gold loan companies was planning to expand its branch network in Tamil Nadu, Karnataka, Telangana, Andhra Pradesh and Goa in the current financial year.
Muthoot Finance Managing Director George Alexander Muthoot said it has five Zonal offices controlling over 2000 branches in these Southern states.
He said the business growth and potential in the states of Tamil Nadu, Karnataka, Telangana, Andhra Pradesh and Goa has been good. By opening more branches, the company plans to increase its market share in these states. However, the company has taken steps to optimize their branch network in Kerala by deciding to close a few branches that have lower potential and are of low strategic importance, he added.
Mr Alexander said, “We are delighted to announce over 100 branch expansions in Tamil Nadu, Karnataka, Telangana, Andhra Pradesh and Goa. In total, we currently operate through 956 branches in Tamil Nadu, 496 branches in Karnataka, 290 branches in Telangana, 373 branches in Andhra Pradesh and 37 branches in Goa. The new branches will be in select locations which have immense business potential thereby tapping new customers,” he said.
The aggressive branch expansion plan will lead to more employment generation in these five southern states. Muthoot Finance has a PAN India presence and has delivered consistent growth in business and profitability over the years. The company enjoys trust of over 12 million customers”, the Company MD claimed.
The Muthoot Group has 18 diversified divisions and 4500 plus branches with global presence. Over 2.53 lakh customers visit the Muthoot Group branches every day. The Group has served over 48 crore customers (including repeat customers) till date, a company statement here said on Tuesday.(UNI)