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| IDBI Bank aims to enhance base in SME, retail sectors |
| Press Trust of India / Mumbai Aug 09, 2009, 14:42 IST |
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IDBI Bank has taken an initiative to strengthen its base in the mid-corporate, SME and retail sectors without compromising its pre-eminent position in the corporate banking business.
"The bank has adopted a strategy of developing a larger client base in the mid-corporate, SME and retail sectors, while nurturing the deep relationships that already exist in the large corporate sector," IDBI Bank Chairman and Managing Director Yogesh Agarwal was quoted as saying in the annual report.
Agarwal said that the strategy aimed at developing more retail base in both assets and liabilities leading to a more diversified balance sheet as well as improvement and sustainability in the net interest income.
"The strategy also focuses on leveraging the bank's experience in project/infrastructure financing to become a larger player in investment banking, yielding higher fee-based income," he said.
In order to boost its non-fund based income, the bank, he said, has adopted aggressive strategies for gaining higher market share in transaction banking activities.
IDBI Bank has already developed a special business model to serve the SMEs, which is considered to be the growth engine of the bank.
"Pursuant to formation of a dedicated vertical for SME customers, the bank has plans to set up 40 City SME Centres (CMCs) out of which 15 have already been set up," Agarwal said.
IDBI Bank installed 149 ATMs during the last fiscal, taking the number to 900 as on March 31, 2009.
"The momentum (of opening ATMs) would continue during the current financial year," Agarwal said.
IDBI had a total business of Rs 2,15,829 crore as on March 31, 2009, comprising Rs 1,12,401 crore of deposits and Rs 1,03,428 crore of advances.
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