The Hindu Business Line : Federal Bank mulls GDR issue

Growth in business volume and size, Mr Venugopalan perceives, would be crucial for the Alluva-based bank to establish its presence in the competitive environment.

The size of the issue is expected to be $60-65 million. "Going by the present restriction in market capitalisation, we can go up to $65 million. I should be able to do this in the next six months," Mr Venugopalan told Business Line.

Stating that the performance over the next three months would be really crucial for the bank, he said, "the general perception about business being dull during the first quarter will have to change if the bank has to leap forward, otherwise we will become history."

"Business and staff-friendly policy will put us on the right track," he said and hinted at reviewing these.

According to him, technology absorption has been addressed well by the bank. "But on the HR (human resource) front, I think, every bank will have to take a re-look at its policy,' he said and hailed the best-mix of people and technology at Federal Bank.

Considering its huge NRI clientele (over 4.5 lakh account holders), the bank, he said has sensed the need for setting up a presence in West Asia.

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Federal Bank mulls GDR issue