Financial Daily from THE HINDU group of publications
Thursday, Nov 11, 2004
Money & Banking
Promoters keen to hike stake in IndusInd Bank
Kolkata , Nov. 10
THE promoters of IndusInd Bank have proposed to increase their stake from the present level of 31.3 per cent to about 40 per cent. The exercise will be carried out in a staggered manner once the necessary approvals are obtianed.
Mr Bhaskar Ghose, Managing Director & Chief Executive Officer, addressing mediapersons here on Wednesday, said the bank now planned to have greater presence in overseas markets. It is particularly looking at South East Asia and the US.
NRIs will form a major client base in the days ahead, it is pointed out. Already, non-resident customers are being served by the bank's representative offices in London and Dubai. IndusInd currently claims to have a robust loan portfolio, marked by a strong retail interest that accounts for roughly 40 per cent of the total.
There have been some efforts at securitisation in recent times, it is stated. IndusInd has also proposed to leverage select branches of the erstwhile Ashok Leyland Finance. More than 50 ALF offices will be converted into the bank's own branches in the first phase.
The central bank has already okayed the proposal. The approval for a further group of 80 branches is expected to be given by RBI in the near future, Mr Ghose indicated.
The bank, as part of its expansion programme, today opened a branch at Burra Bazar in the heart of Kolkata's business district.
Eyes DP portfolios
The bank, continuing with a policy initiated last year, is seeking to acquire businesses run by depository participants who are willing to dispose of their portfolios.
Referring to the decision to buy out the DP operations of IIT Corporate Services, Mr Ghose mentioned that the bank was not averse to similar deals with other parties provided these served its business interests.
It may be recalled that IIT Corporate Services (which traced its roots to the famous Premchand Roychand family, one of BSE's founding members) had arranged to transfer DP accounts of its clients to the bank.
Stories in this Section
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line