Karnataka Bank Operationalizes Its Wholly Owned Non-Financial Subsidiary ‘KBL Services Ltd

Karnataka Bank Operationalizes Its Wholly Owned Non-Financial Subsidiary ‘KBL Services Ltd

Karnataka Bank, which is the leading private sector lender has today operationalized its wholly owned non-financial subsidiary ‘KBL Services Ltd’. 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.
Managing Director & CEO of Karnataka Bank, Shri Mahabaleshwara M.S who is also the Non Executive Chairman of KBL Services Ltd, inaugurated the operationalization of the subsidiary. Sri Mahabaleshwar said that, “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.”
On this occasion, Bank’s Directors – Shri Rammohan Rao Belle and Shri D Surendra Kumar were also present.

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