IDBI Bank to expand network

to enter MF business

"We are planning to add 200 new bank branches across the country during the year besides the existing 503. We are planning five offices in overseas countries," IDBI Bank chairman and managing director Yogesh Agarwal said here on the sidelines of a FICCI organised banking conclave.     

The bank was planning to open branches in Singapore, Dubai, London and Bahrain, and a representative office in Shanghai.     

Agarwal said the bank was awaiting approvals from local authorities of the respective countries.     

Speaking about the new ventures, he said that the bank has applied to the Reserve Bank of India for approval.     

For mutual fund, the bank was talking to a few foreign partners. The bank would retain majority stake in the venture, Agarwal said.     

IDBI has signed an agreement with credit rating agency CARE for 50:50 credit information company and the initial capital would be Rs 2 crore.     

Agarwal did not divulge details on the functioning of the credit information bureau.     

On entering into private equity, Agarwal said the bank was yet to structure it.     

The bank chief was aiming at a credit growth 25 per cent during the year and would focus in retail assets which is just about 10 per cent of the total loan portfolio.