Financial Daily from THE HINDU group of publications
Tuesday, Sep 30, 2003
Financial Daily from THE HINDU group of publications Tuesday, Sep 30, 2003 |
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Money & Banking
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Private Banks LVB mandates Deloitte to draw up business strategy Our Bureau
Coimbatore , Sept. 29 THE Karur-based Lakshmi Vilas Bank (LVB) is drawing up an action plan for future business strategy by engaging the services of Deloitte Touche Tohmatsu. "The plan should be in place, ready for implementation before December 2003," the bank Chairman and CEO, Mr A. Krishnamoorthy, said. LVB's decision to appoint an MNC as its business strategist, according to Mr Krishnamoorthy, was aimed at enhancing its strength in the market place. The bank would endeavour to improve the value of disclosures and ensure transparency for investor decision, he added. Mr Krishnamoorthy was here in connection with the opening of the bank's first personal banking branch in the country. Recalling the recent developments in LVB, he said that the response to the Tier II bonds was overwhelming, compelling the bank to foreclose the issue within 15 days of opening. LVB came out with Rs 50-crore subordinate bond issue to enhance its capital adequacy ratio (CAR) from 11.35 per cent as on March 2003 to 13 per cent before the end of the current fiscal. The 7.20 per cent unsecured bond was for 67 months. On branch expansion, he said that the bank would add 11 more branches to its network during the current fiscal. LVB has joined hands with KPMG for drawing up its IT road map. In the first phase and on a pilot basis, five of its branches would be networked before the next 30 days. The bank proposed to interlink 25 branches before the end of the current fiscal (15 of these would be in Chennai). The bank is to join hands with Royal Sundaram for marketing of the latter insurance products in the non-life category. The bank board had cleared the proposal , Mr Krishnamoorthy, said. It would be unveiling the tie-up from Chennai on October 29.
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