Financial Daily from THE HINDU group of publications
Friday, Jan 25, 2002
Financial Daily from THE HINDU group of publications Friday, Jan 25, 2002 |
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Money & Banking
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Private Banks Vysya Bank sees 300 pc rise in treasury revenues Our Bureau
BANGALORE, Jan. 24 VYSYA Bank expects a 300 per cent rise in `revenues from treasury operations' over the corresponding previous period, according to Mr V. Ravi Kumar, Head-Treasury. The treasury strategic business unit (SBU) has had a turnover of Rs 34,000 crore so far this year and has concluded over 3,400 deals. "As an SBU, we are closer to the market and our people have their ears to the ground,'' Mr Ravikumar said. The recently reconstructed bank now has five SBUs, including treasury. This market orientation has helped Vysya Bank get `lucrative contracts' such as the Haj committee contract to offer forex services to pilgrims this year and the $12-million Coal India currency swap, according to Mr K. Balasubramanian, Managing Director. Apart from the bank's investment operations, the treasury SBU would provide services to varied clients through deposits, corporate paper, forex, derivatives, institutional bonds and gilts, according to the bank.
Bangalore to handle dealing operations IN a bold move, Vysya Bank has moved its dealing operations from Mumbai to Bangalore. "Bangalore will handle our treasury risk management operations while Mumbai, New Delhi, Kolkata, Hyderabad and Chennai will be marketing offices,'' said Mr Ravi Kumar said. "Vysya Bank expects faster and better decision-making by integrating our domestic and forex treasury operations, we expect decision-making to be faster and better,'' he said. This would be a hub-and-spoke arrangement — where the Bangalore trading room and risk managers would be the hub of the bank's treasury operations and the other cities would do the marketing, he said. It will start the Bangalore trading room with 12 dealers to go up to 24. Also, with the National Dealing Screen expected to begin functioning from mid-February, a deal can be concluded in Bangalore "be it from Benaras or Bihar''. Besides, a trading room in Bangalore is way cheaper.
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