Karnataka Bank operationalizes its wholly owned non-financial subsidiary ‘KBL Services Ltd’

Karnataka Bank operationalizes its wholly owned non-financial subsidiary ‘KBL Services Ltd’

Mangalore Today News Network

Mangaluru, Mar 30, 2021:      Karnataka Bank, a leading private sector lender has today operationalized its wholly owned non-financial subsidiary ‘KBL Services Ltd’. The KBL Services Ltd is having its   Registered & Head Office at Bengaluru. This subsidiary of the Bank is established as conceptualized under the transformation journey ‘KBL – VIKAAS’ in achieving Bank’s strategic objectives in the long run.

 

Shri Mahabaleshwara M.S, Managing Director & CEO of Karnataka Bank, who is also the Non Executive Chairman of KBL Services Ltd, while inaugurating the operationalization of the subsidiary said, “Formation of the first wholly owned non –financial subsidiary of the Bank, KBL Services Ltd, is a significant milestone for Karnataka Bank. With this new entity, Karnataka Bank is taking  a big step in re-aligning its business strategy with the objectives of improving efficiency and achieve better results and valuation in the long run. By moving some of the non-financial operations of the Bank like Management of alternate banking channels, Back-end processing activities, IT project & support, Digital capabilities, Business Sourcing, Contact Centre Management etc. to the subsidiary in a phased manner, Karnataka Bank will have a renewed focus on its core Banking business.”

Speaking further he said, “I take this opportunity to thank the Board of Directors of Karnataka Bank for their vision and guidance in materializing this subsidiary, and I also acknowledge the hard work put in by the core team of the Bank behind this journey. I also wish the new leadership of KBL Services Ltd headed by Shri Manjunatha Bhat B.K, Chief Executive, all the best in their endeavour to achieve their business objectives and emerge as a successful business entity besides complementing the growth journey of Karnataka Bank.”

On this occasion, Bank’s Directors – Shri Rammohan Rao Belle and Shri D Surendra Kumar were also present.