IndusInd Bk in talks to offload 5% stake

IndusInd Bk in talks to offload 5% stake

Our Bureau / Bangalore August 18, 2006

IndusInd Bank is scouting for a strategic tie-up with a foreign bank, and is planning to offload up to 5% stake in the bank to the strategic investor.

"We are presently in talks with a few foreign banks, which have good processes in place and can bring to us innovative products and services, for taking a stake in our bank. We are looking at finalising the deal in the next few months," Bhaskar Ghose, managing director of IndusInd Bank said.

After announcing the bank's new retail initiatives here on Friday, he said: "We expect to finalise the deal this fiscal and the foreign bank with which we are in talks is a well-known bank with presence across the globe."

London-based NRIs