The Hindu

Mangalore, Jul 7: Syndicate Bank on Friday launched sale of gold coins under the brand name “Syndsona” through 104 select branches across eight States in India. The coins are available in denominations of four grams, eight grams, and 10 grams in tamper proof card with purity certificate. The bank has imported the gold coins from Switzerland and tie-up arrangement should enable it to offer competitive rates to customers. A press release from K.U. Shanbhag, Deputy General Manager, regional office, said here that the bank had tied up with existing clients and corporates for the sale of gold coins. The bank, which sold 50 kg of gold on the first day, would activate its branch machinery to achieve manifold growth in sales during the ensuing festival season. The bank has received bulk orders from its corporate clients.

Mr. Shanbhag, quoting Chairman and Managing Director C. P. Swarnkar, said the rates of the coins would be competitive among the peer banks to enable the common man to purchase gold. Mr. Swarnkar said in Mangalore, gold coins would be sold through Hampankatta, Kankanady, Kadri, Car Street, Lalbagh and Panambur branches of the bank.