Indian Bank to add 100 branches, come out with IPO by next year

Public-sector lender Indian Bank today said it aims to expand its branch strength by adding 100 branches across the country by the next financial year.

Of this, 25-30 branches would be in Kerala, Executive Director Rajeev Rishi told reporters here. At present, Indian Bank has over 1,800 branches in India and three overseas — Singapore, Colombo and Jaffna. Within the three years, it plans to increase its branch strength to 2,500, total employees to 25,000, business to Rs 5 lakh crore and net profit to Rs 2,500 crore, he said. The bank also plans to enter the capital market through IPO route by next fiscal, he said, adding they have already written to the government and the Reserve Bank of India.