Federal Bank Launches Bullion Sale

Leading private sector lender Federal Bank on Thursday launched the sale of imported Suisse gold coins through its branches in Chennai and Coimbatore. The 99.99 per cent purity gold coins would be available in the denominations of five gm, eight gm, 20 gm and 50 gm, a bank statement said. Unlike other banks, which sell gold only through designated branches, the bullion sale of Federal Bank would be available at all the branches in Chennai and Coimbatore, it said. The sale was launched at a function at Anna Nagar branch in the city, when R Vijayalakshmi, Director, Orchid Healthcare Private Limited, received the gold coin from K S Mohan, Deputy General Manager of Chennai Region. Addressing the gathering, Mohan said that Federal bank branches would act as a "one-stop shop" for all the financial product requirements of its customers. "Banks are becoming financial super markets, offering a wide range of financial products such as insurance products, mutual fund products, gold and also DMAT account facilities for investors in the stock market", he said. Federal Bank was venturing into Life Insurance business in association with Fortis Insurance International. With a total business of over Rs 40,000 crore as on September 30, 2007, the bank has 556 branches, 12 extension counters and 448 ATMs spread across the country.
It has a strong patronage of non-resident Indians and is all set to open its first representative office at Abu Dhabi, UAE, before this fiscal end, the statement said