Financial Daily from THE HINDU group of publications
Tuesday, Apr 25, 2006
Financial Daily from THE HINDU group of publications Tuesday, Apr 25, 2006 |
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Money & Banking
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Private Banks IndusInd Bank to raise Rs 350 cr in Tier II bonds Our Bureau
MR BHASKAR GHOSE
Kolkata , April 24 IndusInd Bank sees scope for raising a further Rs 350 crore in upper Tier II bonds. This is among the options that it will explore this year. The bank, which has recently raised Rs 100 crore, may also require to mobilise new Tier 1 capital. A GDR issue is expected to be among the proposals it will consider. IndusInd Bank, said Mr Bhaskar Ghose, MD & CEO, plans to shore up its capital base, which now stands at Rs 290 crore. It has already taken shareholders' consent to increase it to Rs 400 crore. "There is room for raising another Rs 350 crore in upper Tier II bonds," Mr Ghose told newspersons here on Monday, adding that the bank is yet to define the exact amount of fresh capital it finally intends to raise. At another level, IndusInd Bank is proposing tie-ups with a number of overseas banks, quite in line with its new partnership with the Abu Dhabi-based Union National Bank. The latter covers a range of banking services and allows both partners to cater to NRIs. "We see similar opportunities arising in the UK, the US and South-East Asia," Mr Ghose said, while referring to the possibility of entering into alliances. Talks have been going on with a few banking entities operating in these regions, he indicated. Nearer home, IndusInd Bank has considered an entry into the insurance broking business. It already has a tie-up with LIC, the market leader in life insurance. On another front, the bank is ready with RBI's permission to open new branches. Half a dozen new branches will be operationalised shortly.
Wealth management
IndusInd Bank has started negotiations with a foreign specialist entity for setting up a joint venture wealth management company. Mr Ghose, who declined to name the prospective partner, underlined the significance of wealth management in the present day context. The joint venture will enable it to enter an emerging area, he added. IndusInd had earlier talked to Macquarie Bank of Australia for implementing a similar plan. This, however, did not materialise. This time it is pointed out that the overseas outfit in question had not done any business in India so far.
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