HDFC Bank is to consider preparing its accounts according to the US Generally Accepted Accounting Practices (GAAP).
Speaking at the bank's annual general meeting here yesterday, S S Thakur, chairman, said the bank has no plans to go in for an American depositary receipts (ADR) issue as of now.
"Our capital size has increased by a significant amount recently. As and when we need to raise more capital, we would consider raising it via an ADR issue. But there are no plans right now to do so," said Thakur.
He further said that of the Rs 257 crore worth of investments made by the bank in 1999-2000, Rs 220 crore were in preference shares, Rs 20 crore by equity investments and Rs 2 crore was in the primary market.
On the merger between Times Bank and HDFC Bank, he said that the corporate and treasury banking businesses had already been integrated. "By July 2000, the migration of individual accounts from Times Bank and HDFC Bank should be complete," said Thakur.
