The Hindu Business Line : ABN Amro to review role of NBFC biz

New product launch: Ms Meera Sanyal, Country Executive, ABN Amro Bank India, with designer Mr Rohit Bal and models at the launch of the bank’s platinum card in Mumbai on Wednesday.

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Mumbai, Dec 19 ABN Amro Bank will use its NBFC to complement its retail distribution business, said Ms Meera Sanyal, Country Executive-ABN Amro Bank, India.

“We are reviewing the role of our NBFC to expand into other activities within the regulatory norms. We are awaiting the RBI approval for distributing investment advisory products such as mutual funds, insurance and so on through the NBFC,” said Ms Sanyal.

ABN Amro Bank currently does Primary Dealership (PD) business through its NBFC. “The PD will not be merged into the bank. But it is premature to talk about what we will be doing with the business,” she said.

Priority areas

Ms Sanyal recently took over as the Country Executive of ABN Amro Bank, India. She was earlier the Regional Head of Services for ABN Amro Bank Asia where she was responsible for Operations, Information Technology and Corporate Services for 16 Asian countries.

On her priority for the bank, Ms Sanyal said that ABN Amro would be aggressive in the corporate credit segment and consumer banking for the mass market segment. “The bank’s business has been growing at 35-40 per cent and we hope to continue at the same pace. ABN Amro India now contributes 35 per cent of the revenues from Asia and 5-6 per cent of the global revenues,” she said.

Globally, ABN Amro Bank is being taken over by a consortium consisting of the Royal Bank of Scotland, Fortis and Santander. Ms Sanyal said that ABN Amro Bank India was in exploratory talks with the Royal Bank of Scotland about a variety of products that could be introduced here.

In India, the bank has 28 branches in 21 cities and has 3 licences to open branches in Agra, Jodhpur and Jalandhar.

Mr Sumant Kathpalia, Executive Vice-President, said the bank’s retail business was growing at 38 per cent, while the credit card business was growing at 40-45 per cent. The bank currently has a credit card base of 1 million.

Platinum credit card

ABN Amro Bank today launched a ‘designer’ platinum credit card in association with designer Rohit Bal.

The card has an initial fee ranging between Rs 8,500 and Rs 21,500 depending on the club membership opted for.

The privileges include access to over 500 exclusive airport lounges, concierge services, comprehensive insurance cover of up to Rs 1 crore, complimentary matrix cellular connection, discounts at all Taj hotels and discounted access to 2,400 golf courses.

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