Public sector lender Corporation Bank has set a target of achieving business worth Rs 5 lakh crore in the time period upto 2014-15, said CMD of the bank, Mr Ramnath Pradeep.

The bank aims to reach the target from its present business figures of Rs 2 lakh crore. To do so, it has set a target of setting up 200 branches per year and every branch attaining business worth Rs 10 crore every year in the intital phase, said Pradeep.

According to its objectives set for 2015, the bank aims its branch strength to reach 2200 as against 1362 as on June 2011.

"We have 475 branches in Karnataka. We are considered a predominantly South-based bank. But now we are fast expanding our presence in North and West, where the GDP growth is high," he said.

Speaking about growth status of the loan book of the bank, he said that although so far there has been a slow pace in growth of advances, the rate is expected to speeden from October.