Very Strong BUY "South Indian Bank Ltd"

BSE Code : 532218
NSE Code : SOUTHBANK

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South Indian Bank (SIB) is planning to join hands with more exchange houses in the Gulf countries to increase its remittances business. The bank plans to tie up with seven more exchange houses in Gulf countries, which are expected to be operational this year, as per its latest annual report.At present, SIB has draft dr­awing arrangement/­remit­tance arrangements with 25 exchange houses and three banks. During the 81st Annual General Meeting, the board of directors of South Indian Bank
(SIB) recommended 30 per cent dividend for its shareholders for the year 2008-09,