Financial Daily from THE HINDU group of publications
Thursday, Apr 06, 2006
Financial Daily from THE HINDU group of publications Thursday, Apr 06, 2006 |
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Money & Banking
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Public Sector Banks BoB upbeat on Rs 1.6 lakh cr biz Our Bureau
MUTUAL GAINS: Mr A. K. Khandelwal (right), CMD, Bank of Baroda, and Mr S. V. Prasad, CEO, Birla Sun Life Asset Management Company Ltd, at a press conference in Mumbai on Wednesday. - Paul Noronha
Mumbai , April 5 Bank of Baroda is expected to report an increase in its total business by Rs 30,000 lakh crore to Rs 1.55 lakh crore for the just ended fiscal. The bank is likely to see a growth of 37.5 per cent credit and about 16.5 per cent growth in deposits in the financial year 2005-06, said Dr A.K. Khandelwal, Chairman and Managing Director, Bank of Baroda.
Birla Sun tie-up
He was speaking to reporters on the sidelines of a press conference to announce a tie-up with Birla Sun Life Mutual Fund. To begin with, BoB will distribute Birla Sun Life mutual fund products in 100 branches. This would increase to 500 branches in one year, Dr Khandelwal said. BoB had earlier tied up with UTI AMC to distribute its products. Currently the bank's retail portfolio is 18 per cent of its total credit. "We want to increase retail to 25 per cent of total credit by 2008," Dr Khandelwal said. For 2006-07 the bank hopes to achieve credit growth of 25-30 per cent and deposit growth of 20 per cent.
Other initiatives
Other retail initiatives include tying up for distributing life insurance products in the next three months. BoB is also in the process of restructuring its subsidiaries, mainly BoBCap, BoBAMC and BoBCard. This could include infusion of capital of going in for joint ventures, said Dr Khandelwal. The bank is also considering merging its primary dealer business within the bank, after the Reserve Bank of India issued guidelines for PDs, he said. As of now BoBCap holds the PD licence.
More Stories on : Public Sector Banks | Credit Market | Life Insurance
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