Reliance Cap plans to enter domestic banking

Anil Ambani group company Reliance Capital is planning to enter the domestic banking sector - when the regulations allow - and expand its overseas presence.

"We have drawn up exciting growth plans for the next three to five years," R-Cap Chairman Anil Ambani informed the shareholders.

These growth plans include entering "the banking sector as and when regulations permit (and) globalise operations by leveraging our domestic experience and capabilities to expand our asset management, life insurance and broking operations in emerging markets across Asia, Africa, and the Middle East".

Besides, the company aims to increase its customer base from 15 million to 50 million, increase the distribution reach from 5,000 to 20,000 cities and towns and increase number of business partners from half a million to 1 million, Ambani added.

"Together, these initiatives will further accelerate our growth and lead to substantial value creation for each of us," Ambani said in his letter to shareholders which is being sent to them as part of Reliance Capital's Annual Report for 2008-09 ahead of its AGM on July 21.