Syndicate Bank

history
Syndicate Bank Ltd. (BSE: 532276, NSE: SYNDIBANK) is one of the oldest and major commercial banks of India. At the time of its establishment, the bank was known as Canara Industrial and Banking Syndicate Limited. The bank, along with 13 major commercial banks of India, was nationalized on 19 July 1969, by the Government of India.

Contents
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1 Business 2 Mergers 3 Regional rural banks 4 In the news 5 See also 6 External links

Business
The business started with a capital of Rs. 8000. The first branch of the bank started its operations in the year 1928 at Brahmavar in Dakshin Kannada District. By 1937, it had secured its membership as a clearing house at Mumbai. The primary objective of the business was to extend the financial assistance to local weavers. Initially, the bank collected as low as two annas from the door steps of the depositors daily through its agents. This type of system wherein the agents of the bank come doorsteps to collect deposit is still prevailing in India and is referred to as the Pigmy Deposit Scheme.

Mergers
As time progressed, twenty banks merged with the Canara Industrial and Banking Syndicate Limited including the Maharastra Apex Bank Limited and Southern India Apex Bank Limited. The name of the bank was changed to Syndicate Bank Limited in the year 1964 and the head office of the bank was shifted to Manipal. The bank expanded its operations not only on the domestic front but also overseas. It has a branch in London and the bank manages National Exchange Co. in Doha and Musandam Exchange Co. in Muscat. By 1978, it opened its 1000th branch at Hauz Khas, Delhi. Currently it has over 2650 branches and all branches are offering corebanking-e-banking services under anywhere-anytime-anyhow banking.

Regional rural banks

Syndicate Bank sponsored the first regional rural bank in India by name Prathama Grameena Bank. The stocks of the Syndicate Bank are listed on Bombay Stock Exchange, National Stock Exchange, Mangalore Stock Exchange and Bangalore Stock Exchange. Syndicate bank made a partnership with UNEP to initiate a successful solar loan programme. It was a four-year $75855.6 million effort, launched in April 2003 to help accelerate the market for financing solar home systems in southern India.
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Andhra Pragathi Grameena Bank North Malabar Gramin Bank

In the news
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Recently, Syndicate Bank has achieved a rare feat of opening one million customer accounts in a span of 3 months. Shri George Joseph (banker) took over as the CMD of the Bank on 2 August 2008. His term expired on 30 April 2009. Public sector lender Syndicate Bank on 31,August,2009 said Basant Seth has been appointed as Chairman and Managing Director till February 29, 2012. It has also sponsored a regional rural bank in Karnataka called Karnataka Vikas Grameena Bank(formed after amalgamation of four other RRB's) which stands fourth in India.

See also
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Indian banking

External links
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Official Website Syndicate Bank IFSC COde List Syndicate Bank Services

Strength of syndicate bank

International Division, Mumbai

ANNEXURE (I) Ref: ID/CBD/ON/ 19/PSS/2006 March 11, 2006

INTERNATIONAL BANKING
PROFILE International banking services of SyndicateBank are delivered for the benefit of its Indian customers, non-resident Indians, foreign entities and banks through a net work of 2,000 branches & Extension Counters, including a Branch in LONDON. The network is augmented by a cluster of Overseas and N R I branches within India and correspondent links with over 300 banks, the world over. Bank's agency arrangements Exchange Companies abroad further underline the Bank's international presence. The services include corporate lending, loan syndications, merchant banking, handling Letters of Credit and Guarantees, short-term financing, collection of clean and documentary credits and remittances. The Bank has carved a niche for itself in the U.K with a branch located in London. Indian banks and corporates are able to avail single-window GBP services from the Bank's London Branch. Spreading its arms around the world, SyndicateBank, International Banking delivers the full range of cross-border finance solutions through its three wings -- the Domestic division, the Designated Branches and the International division. The Domestic wing provides services like merchant banking, shipping finance and project export finance. The Designated Branch offers the entire range of international trade and industrial finance products, foreign remittances ( inward/outward) SWIFT transactions, Travellers Cheques, etc. The International division renders specialized services like correspondent banking, global link services and country and bank risk exposure monitoring and treasury and cross country treasury operations. Being India's largest and

most trusted commercial

offers you a network of relationships unmatched in strength and span by any other Indian financial entity. The Bank has a Branch in London. SyndicateBank, International presence is supplemented by correspondent links wih over 300 banks of the world. SyndicateBank managed offshore exchange companies enhance its global stature. These strengths are reinforced by a dedicated and highly skilled team of professionals deployed by the bank in each specific segment. >><< >><< >><< >><<

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International Division, Mumbai

ANNEXURE (II) Ref: ID/CBD/ON/19/PSS/2006 March 11, 2006

INTERNATIONAL BANKING

Correspondent Banking The Correspondent Banking Division develops and maintains relationships with banks and financial institutions across the world. This network forms the foundation for all international operations of the bank.

SyndicateBank has correspondent banking relations with all the major banks worldwide. The bank has a dedicated Correspondent Relations section to attend exclusively to the relationship aspect in correspondent banking. The Correspondent Relations section helps SyndicateBank's correspondents market and distribute their products for various applications of the bank. The Bank's International division, based in Mumbai, handles all operational aspects of correspondent banking, including all matters pertaining to the exchange of test keys and swift authenticator keys, appointment of correspondents, maintenance of Nostro accounts, reconciliation and treasury management. All our Branches handle Non-Resident Indian Rupee Deposit Accounts. All retail transactions are handled by the branches of the bank. However, only designated branches handle International Banking activities. International Division maintains Foreign Currency Nostro Accounts. Designated Branches [ click here ] enjoy delegated authority to receive/pay through these accounts (Please see Standard settlement Instructions ).

The Rupee Vostro accounts are also serviced at SyndicateBank, International Division at Mumbai.

International Division, Mumbai

ANNEXURE (II) Ref: ID/CBD/ON/ 19/PSS/2006 March 11, 2006 [2] (Contn...Correspondent Banking) Products and Services  Establishing, maintaining and developing the SyndicateBank's network globally for establishment of International Trade.  Providing support to the correspondents in marketing and distributing their products for various applications of the SyndicateBank.  Attending to complaints of correspondents and our NRI customers abroad.  Standard Settlement Instructions ( click here ) Contact Person Tel.No. Fax E-mail Who can use this email ID Correspondent Banks and Financial Institutions only

Mr. M.B. Mendon, Deputy General Manager (Correspondent Relations)

022 022 2215 5480 22181622

idmumbai@syndicatebank.co.in

To achieve maximum efficiency in your dealings with us, please make use of the following suggestions:  Use the branch reference number (16 character alphanumeric) in all debit/credit advices and other queries.
 Messages regarding fund transfers, Letters of Credit, Guarantees, etc should be sent

directly to the concerned branches, giving branch code number, name of the branch, name

of beneficiary, and account number. These messages should not be sent to the SYNB INBB. Click here for details of BIC No.of Designated Branches.  Use correct BIC number for which the SWIFT message is meant ( Click here to view SWIFTlinked offices/branches list appended)  Draw payment orders only in currencies mentioned in the schedule of agency arrangements ( as agreed upon by the SyndicateBank and correspondents).  Payment instructions containing all relevant instructions should be sent to the branch concerned for execution of the payment order, with specific details like branch name, code number, name of beneficiary account number, etc in accordance with agency arrangements.

International Division, Mumbai

ANNEXURE (II) Ref: ID/CBD/ON/19/PSS/2006 March 11, 2006 [3]

(Contn...Correspondent Banking)  Messages for remitting funds into the SyndicateBank Nostro account with a payment instruction directly to the drawee branch.  Authorisation for refund of amounts credited to the Nostro account is centralized at International division. All refund requests should contain : Name and code number of the branch to which the original payment instruction has been sent. The amount, value date and the name of the correspondent through whom cover has been provided.

In case no repayment instruction has been sent to any branch, it should be indicated in the refund request. SyndicateBank SWIFT Channel in India SyndicateBank operates a SWIFT Operations at Mumbai, the central point of a network of 74 SWIFT linked branches in India. SWIFT Authenticator keys ( SAK) are centralized at the International division [Prior clearance from International division, Mumbai is required for exchange of SAK]. SWIFT linked offices/branches ( click here ). International division, Mumbai address (click here). Foreign Exchange Operations -- Designated Branches (Complete address - click here )

International Division, Mumbai

ANNEXURE (III) Ref: ID/CBD/ON/ 19/PSS/2006 March 11, 2006 INTERNATIONAL BANKING TREASURY Profile SyndicateBank is an Indian bank, ranking 691 in the World and 15 ( Almanac - July 2005) in the country and also home to the country's biggest and most powerful Treasury, contributing to a major chunk of the total turnover in the money and forex markets. Through a network of stateof-the-art dealing rooms in India and abroad, backed by the assured expertise of informed

professionals, SyndicateBank extends round-the-clock support to clients in managing their forex and interest rate exposures. SyndicateBank relationships with correspondent banks are also leveraged in extracting maximum value from treasury operations. SyndicateBank treasury operations are channeled through the Rupee Treasury, the Forex Treasury and Integrated Treasury Management Group ( ITMG ). The Domestic Treasury deals in Rupees / debt markets while the Forex Treasury deals mainly in the local foreign exchange market. The ITMG monitors the investment, risk and asset-liability management aspects of the Bank's overseas offices. Rupee Treasury The Domestic Treasury carries out the bank's rupee-based treasury functions in the domestic market. Broadly, these include asset liability management, investments and trading. The Domestic Treasury also manages the bank's position regarding statutory requirements like the cash reserve ratio (CRR) and the statutory liquidity ratio ( SLR), as per the norms of the Reserve Bank of India. Products & Services Asset Liability Management (ALM): The ALM function comprises management of liquidity, assets and liabilities and interest rate risks. Investments: SyndicateBank offers financial support through a wide spectrum of investment products that can substitute the traditional credit avenues of a corporate like commercial papers, preference shares, non-convertible debentures, securitized paper, fixed and floating rate products. SyndicateBank invests in primary and secondary market equity.

International Division, Mumbai

ANNEXURE (III) Ref: ID/CBD/ON/ 19/PSS/2006 March 11, 2006 [2]

(Contn...Treasury)

Trading The bank's trading operations are unmatched in size and value in the domestic market and cover government securities, corporate bonds, call money and other instruments. SyndicateBank is also participant lender in Call.

Forex Treasury (FX) The SyndicateBank is the country's largest and most important Forex Treasury, both in the Interbank and Corporate foreign Exchange markets and deals with all the major corporates and institutions in all the financial centres in India and abroad. It is a market maker. The bank's team of seasoned, skilled and professional dealers can tailor customized solutions that meet specific requirements and extract maximum value out of each market situaiton. The Bank's dealing room provide trading facilities and employs state-of-the-art technology and information systems. SyndicateBank's relationships with correspondent banks and institutions across the globe enhance the strength of the Forex treasury. The FX Treasury can also structure and facilitate execution of derivatives including long term rupee-foreign currency swaps, rupee-foreign currency interest rate swaps and cross currency swaps

International Division, Mumbai

ANNEXURE (III) Ref: ID/CBD/ON/ 19/PSS/2006

March 11, 2006 [3] (Contn...Treasury) OVERSEAS TREASURY OPERATION London Branch is a part of International Banking and functions under the stewardship of an Dy. General Manager. Products and Services Asset Liability Management (ALM): The ALM function comprises management of liquidity, maturity profiles of assets and liabilities and interest rate risks at the foreign offices. Investments: Monitoring of investment operations of the foreign offices of the bank is one of the principal activities of ITMG. The main objectives of investment operations at our foreign office, apart from compliance with the regulatory requirements of the host country, are (a) safety of the funds invested, (b) optimization of profits from investment operations and (c) maintenance of liquidity. Investment operations are conducted in accordance with the investment policy for foreign office. Forex monitoring : Monitoring of forex operations of our foreign office is done with the objective of optimizing of returns while managing the attendant risks. Forex and Interest rate (Foreign Currency) derivatives: London Branch plays an important role in structuring, marketing, facilitating execution of foreign currency derivatives including currency options, foreign currency interest rate swaps, cross currency swaps and forward rate agreements. Commodity hedging is one of the recent activities. Reciprocal Lines: London Branch is also responsible for maintenance of reciprocal lines with international banks. Portfolio Management Services The Portfolio Management Services of SyndicateBank has been set up to handle investment and regulatory related concerns of Institutional investors functioning in the area of Social Security.

International Division, Mumbai

ANNEXURE (III) Ref: ID/CBD/ON/19/PSS/2006 March 11, 2006 [4] (Contn...Treasury)

The PMS forms part of the Treasury Department of SyndicateBank and is based at Mumbai. PMS was set up exclusively for management of investments and custody of the securities related thereto. In the increasingly complex regulatory and investment environment of today, even the most sophisticated investors are finding it difficult to address day to day investment concerns such as     Adherence to stated investment objectives Security selection quality considerations Conformity to policy constraints Investment returns

The team manning the PMS Section consists of highly experienced officers of SyndicateBank who have the required depth of knowledge to handle large investment portfolios and address the concern of large investors The capabilities of the team range from Investment Management and Custody to Information Reporting.

International Division, Mumbai

ANNEXURE (IV) Ref: ID/CBD/ON/ 19/PSS/2006 March 11, 2006 INTERNATIONAL BANKING

SWIFT Operations Centre

SWIFT CHANNEL OF SYNDICATEBANK [ IN INDIA ]

SWIFT Operations Centre International Division, Maker Towers -F, III Floor, Cuffe Parade, Mumbai 400 005 Phone 022 22185904 Fax 022 2218 1622

SWIFT Linked Offices (74 in Number at Various Locations in India

 SWIFT Authenticator Keys are centralised at International division ( Prior Clearance of International Division is required for exchange of SAKs).  Although International Division is SWIFT linked, messages regarding fund transfers, Letters of Credit, Guarantees, etc should be sent to them with details of branches concerned giving Branch Code No. Name of the Branch, Name of Beneficiary and Account No.  Use correct BIC Number for the branch for which the message is meant ( list appended ).  Draw Payment Orders only in currencies mentioned in the schedule of Agency Arrangements ( as agreed upon between SyndicateBank and correspondents).

International Division, Mumbai

ANNEXURE (IV) Ref: ID/CBD/ON/ 19/PSS/2006 March 11, 2006

[2] INTERNATIONAL BANKING ( Contn.. SWIFT Operations Centre)  Payment instructions containing all relevant details should be sent to the branch concerned for execution of the payment order with specific details as to where cover funds have been provided.  Cover funds for remittances should be provided to the respective Nostro Account with full details viz. branch name, code number, name of the beneficiary account number, etc in accordance with the Agency Arrangements. Messages for paying funds into our Nostro Account without any authenticated payment instruction directly to the drawee branch result in delay, inconvenience to beneficiary and embarrassment to remitter. Foreign banks shall get full details of the beneficiary from remitter before sending remittances [Please refer to Standard Settlement Instructions).

International Division, Mumbai

ANNEXURE (V) Ref: ID/CBD/ON/ 19/PSS/2006 March 11, 2006 INTERNATIONAL BANKING Trade Finance

Introduction There is much at stake in the export-import business. Global economic and political situations, fluctuating interest rates, etc. affects exports/imports business. Besides, you are constantly in need of funds, both in Indian rupees and in foreign currencies, for both pre-shipment and postshipment activities. SyndicateBank offers entire gamut of trade finance, hassle free. For exporters, we have the following facilities : Rupee export credit (pre-shipment and post-shipment) Pre-shipment Credit in Foreign Currency Export Bill Rediscounting Forfaiting Bank Guarantees, Back to Bank L/C Similarly, for importers too there are several schemes: Rupee Finance Imports Foreign Currency Import Credit Suppliers Credit Standby Letter Credits, Letter of credits