Financial Daily from THE HINDU group of publications
Saturday, Aug 14, 2004
Financial Daily from THE HINDU group of publications Saturday, Aug 14, 2004 |
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Money & Banking
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Private Banks IndusInd Bank capital market arm by Nov Our Bureau
Pune , Aug. 13 RETAIL thrust and setting up of capital market subsidiary is what the IndusInd Bank has chalked out for itself for the current fiscal. Talking to presspersons after the annual general meeting of the bank, Mr Bhaskar Ghose, Managing Director, said the application to the Reserve Bank of India was in the process stage. He noted that the permission would be coming through in the next few weeks and that it was hopeful of starting the capital market subsidiary in November. The Chairman, Mr R.J. Shahaney, addressing the shareholders said that the bank had received approvals from the RBI for the conversion of 52 branches of Ashok Leyland Finance into the bank branches in the first phase.A total of 132 ALF branches would be converted into IBL branches. For the quarter one performance of the current fiscal, he said the profit after tax stood at Rs 445.48 crore as compared to Rs 245.64 crore for the corresponding period last year.
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