Chennai-based IndBank Merchant Banking Services, a subsidiary of Public-sector lender Indian Bank, is planning to open 30 branches and 200 terminals over the next 15-24 months. The bank is also planning to invest Rs 18 crore through equity once the market condition improves.
Meanwhile IndBank has reported a net loss of Rs 0.97 crore during the third quarter ended December 31,2008 as compared to a profit of Rs 10 crore during the same period of the previous financial year.
A senior representative of the bank told Business Standard that since the company’s services mostly depended on the market condition, the recent volatility in the market had resulted in the loss.
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