Bangalore-based Vijaya Bank is planning to raise Rs 700 crore through Perpetual Non- Cumulative Preference(PNCP) route to support its expansion plan. The proposed money will be utilised to achieve bank's target of Rs 1.10 lakh crore of business in 2009-10.
Speaking to reporters after inaugurating its branch in Rengarajapuram in Chennai, Bank's Executive Director S C Kalia said that currently the bank has 1103 branches across the country and is planning it to increase 1200. The bank had applied for licence with the Reserve Bank of India for 97 branches, he added.
Commenting on overseas foray, Kalia said that, the bank is planning to enter United Arab Emirates (UAE) to start with with a focus on remittance factor. He declined to comment on time frame.
He added, the bank had restructured around 2,905 Micro, Small and Medium Enterprise (MSME) accounts worth Rs 113 crore in 2008-09 and 3,394 accounts worth Rs 201 crore in the housing loan segment.
The bank had reported Rs 1,000 crore deposits in the first quarter of this fiscal and set target to of Rs 1.10 lakh crore business by end of the current fiscal, the bank had closed the last fiscal with a total business of Rs 90,410 crore.
The bank had reported a net profit of Rs 262.48 crore in 2008-09.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app