Mangaluru: MLA JR Lobo has said that he was dejected over the plan of Corporation Banks’s management to shift the Bank’s Corporate Office from Mangaluru to Bengaluru. Corporation Bank is a Bank which primarily originated from Mangaluru and has a vast history of over 100 years.

"The latest move will be huge drawback for Mangaluru. Vijaya Bank and Canara Bank head quarters were shifted to Bengaluru, now Corporation Bank which is one of the renowned nationalized banks in India, with over 2300 branches, 3040 ATM’s and 240 e-lobbies, too was trying to follow them. During its 109 years of existence, Corporation Bank was able to gain profit of over Rs 1500 crores every year, but in 2015-16, Corporation Bank is going under huge loss of Rs 506 crores," Lobo said.

"For this purpose, Corporation Bank has acquired 8 acres of land in Yelahanka to construct new headquarters at an estimated cost of Rs 1,000 crores. Corporation Bank has no concern about the loss but was spending public money of Rs1000 crores to shift their headquarters to Bengaluru. Mangaluru is going to be a smart city and planning to invite investors to Mangaluru and the city is on the verge of matching with Bengaluru, but on what basis is the bank shifting its head quarters ?, he questioned.