South-based private sector Lakshmi Vilas Bank (LVB) has shored-up its top management by inducting two senior personnel from ICICI Bank and Citibank recently even as it is giving the final touches to its plan of entering the home-loans business soon.
The bank also plans to beef-up its presence by adding 35 more branches to its already existing 271 by end-this fiscal.
"We are strengthening our management bandwidth. We have recently hired Prakash V from ICICI Bank and Rajat Baldi from Citibank and appointed them as Executive Directors," LVB's Managing Director & CEO, K S R Anjaneyulu, told PTI here.
The bank aims to attain a balance-sheet size of Rs 20,000 crore by end FY 11 and to spearhead and sustain this growth, senior and experienced personnel are needed, he said.
"Presently, our balance-sheet size is Rs 15,000 crore. We aim to grow this to Rs 20,000 crore by end-this fiscal," the LVB Chief said.
As a part of its growth plans, the bank is eyeing the home-finance business and plans to set-up a subsidiary for the purpose. "We might look at roping-in a partner for this business," he said.
At present, the bank is in the midst of finalising its plans on this front and the subsidiary's capital structure, its customer-segment and other details are being worked out, Anjaneyulu said.
The bank also plans to expand its footprint by beefing-up its branch network and has sought RBI approval for opening 35 more branches which will take its network to over 300.
To fuel its growth, the bank plans to raise around Rs 400 crore, either through a QIP or an ADR/GDR.
"We will raise the funds when market conditions are ripe. Presently, we are adequately funded and hence, are in no hurry to raise resources," Anjaneyulu said.
The bank's Capital Adequacy Ratio (CAR) stands at 14.82 per cent (as at March 31, 2010).