Financial Daily from THE HINDU group of publications
Wednesday, Feb 11, 2004
Financial Daily from THE HINDU group of publications Wednesday, Feb 11, 2004 |
||
|
|
||
|
Money & Banking
-
Private Banks IndusInd Bank eyeing more acquisitions — Tie-up with IBM for on-demand infrastructure Our Bureau
Mr Bhaskar Ghose (left), MD, IndusInd Bank, with Mr Abraham Thomas, MD, IBM India, at a press conference in Mumbai on Tuesday. — Paul Noronha
Mumbai , Feb. 10 CLOSE on the heels of its acquisition of Ashok Leyland Finance Company, the private sector IndusInd Bank, is scouting for more acquisitions, according to Mr Bhaskar Ghose, Managing Director, IndusInd. ``We are open to acquisitions and will look at an NBFC active in the capital market'', Mr Ghose said here on Tuesday. He was addressing a press conference to announce the bank's tie up with IBM India for building an on-demand technology infrastructure for business transformation. IndusInd Bank recently acquired Ashok Leyland Finance Company. The bank would shortly approach the High Court for its approval and convene an extraordinary general meeting of shareholders shortly, Mr Ghose said. Ashok Leyland has assets over Rs 3,000 crore, retail loans around Rs 2,500 crore and a customer base over by five lakh, which will be passed on to the bank, he said. With the proposed merger, the bank's networth was also expected to cross Rs 1,000 crore. The bank would use the method of growing inorganically to accelerate its growth process and was very well capitalised for more such acquisitions, said Mr Ghose. The bank is currently running its core banking system, business continuity, and disaster recovery solution from MIMIX and other applications on IBM eServer iSeries 870 and 825. The capacity upgrade on the demand feature of these servers allows the bank to accommodate periodic and unplanned surges in its demand for computing power and pay as per use. "IndusInd has aggressive growth plans for the immediate future and the IT infrastructure backbone provided by IBM will not only support the achievement of this objective, but also enable us meet growth challenges of the future. Our IT infrastructure is now "on demand" and this initiative reflects the banks commitment to provide quick and accurate real-time, multi channel, multi-product services to our customers", said Mr Ghose.
More Stories on : Private Banks | Mergers & Acquisitions
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
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
|