Financial Daily from THE HINDU group of publications
Sunday, Apr 09, 2006
Financial Daily from THE HINDU group of publications Sunday, Apr 09, 2006 |
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Money & Banking
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Alliances & Joint Ventures Industry & Economy - Economy SBH in pact with UAE Exchange Our Bureau
Hyderabad , April 8 State Bank of Hyderabad (SBH) and UAE Exchange have entered into a strategic alliance for instant online foreign inward money transfer service through the bank's select locations in the country. The SBH Chief General Manager, Mr R.P. Sinha, and the UAE Exchange Country Manager-India, Mr George Antony, singed an agreement to this effect here on Saturday. The facility would enable the NRIs to remit money that could be received by their relatives within minutes through the SBH branches, Mr Antony said. The hassle-free money transfer would be available for personal remittances only for Rs 50,000 per transaction, according to Mr Sinha. No corporate transfers would be allowed through this route, he said.
IPO next quarter
The bank, which has set its eye on reaching the Rs 1-lakh crore mark business in the next three years, has initiated steps towards tapping the capital market with its initial public offer (IPO) during next quarter, Mr Sinha said. The bank is currently discussing with merchant bankers on the issue and plans to finalise merchant bankers for its IPO mostly in a month's time. The parent bank, State Bank of India, which currently holds 100 per cent equity, may offload up to 49 per cent stake in two instalments.
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