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Gold coins from Syndicate Bank

2008/03/17,04:16

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Karnataka-based Syndicate Bank (

that has 2,125 branches in India) will now sell gold coins, across the counter, through 104 select branches across the country. And they won’t be regular gold coins, mind you: they are going to be imported ‘exclusively’ from Switzerland. The USP? They will be tamper-proof, and come loaded with 999.9 purity certificates, and will clearly do wonders to the bank’s mantra of being a “small man’s big bank.” To be sold with the brand name ‘Syndsona’, the coins can be bought in denominations of four grams, eight grams and 10 grams. In their statement, Syndicate Bank announced: “This import arrangement with Switzerland enables the bank to offer very competitive rates to its customers.” On the first day of the over-the-counter-sale of gold coins, the bank managed to sell 50 kgs of gold – because it had already tied up with its individual clients as well as its corporate clients. This is indeed smart thinking on the part of Syndicate Bank because Diwali and Dussehra are a few months away, and this is a great way to do corporate gifting – so it’s bound to be a win-win situation for the bank.

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Source : IIPM Editorial, 2008

An IIPM and Professor Arindam Chaudhuri (Renowned M a n a g e m e n t G u r u and Economist) Initiative