Federal Bank which is in the process of formation of a wholly owned subsidiary company has executed MOU with Infopark Kakkanad for leasing space in the Infopark campus. The Bank has already obtained in principle approval of Reserve Bank of India for creation of a subsidiary company. The proposed company will integrate and handle all operational activities of the Bank. This move towards having a distinct and exclusive outfit for backend activities is a stride in line with the practice of progressive financial institutions. Ms. Shalini Warrier (Chief Operating Officer, Federal Bank) exchanged MOU with Mr. Hrishikesh Nair (CEO, Infopark) for leasing over 12000 square feet space in Infopark to house the company.
Speaking on occasion, Ms. Shalini Warrier stated, "This is a milestone for the Bank, in the journey of becoming the most admired Bank. The Bank is happy to have received in-principle approval from RBI for the creation of the wholly owned subsidiary company and shall shortly approach RBI for final approval. With a dedicated arrangement for operational activities, the Bank will be able to deliver materially higher level of customer delight, while at the same time reducing costs and mitigating risks. The new subsidiary company will provide innovative high-quality operational activities for Federal Bank, which in turn will help customers around the world. This will align with our theme of "Digital at the Fore and Human at the Core" concept. Being located in Infopark in Kakkanad, the subsidiary company will be able to take full advantage of the world-class facilities available in this premises."
Shares of FEDERAL BANK LTD. was last trading in BSE at Rs.77.75 as compared to the previous close of Rs. 76.3. The total number of shares traded during the day was 499424 in over 1505 trades.
The stock hit an intraday high of Rs. 77.95 and intraday low of 76.3. The net turnover during the day was Rs. 38658456.