ING Vysya lines up rebound goal

ING Vysya Bank, in a bid to get back on track, is aiming for a business volume of Rs 24,000 crore in this fiscal. Of this, the bank has targeted Rs 13,600 crore of total deposits while advances have been targeted at Rs 10,000 crore for the fiscal against Rs 9081 crore in 2004-05.

The thrust is on retail and the segment is expected to constitute as much as 60 per cent of the total advances portfolio. Further, as much as 70 per cent of total deposits would be from the retail savings and other retail segment.

"We hope to clock around Rs 1,095 crore of assets from the agricultural strategic business unit while another Rs 2,500 crore would be from consumer assets. From the small and medium scale enterprise division the figure was expected at Rs 3,010 crore," said Shantanu Ghosh, country head "" retail banking.

"Total retail liabilities was expected to be around Rs 9,929 crore," he said.

"Last year net advances increased from Rs 6,937 crore as in 2003-04 to Rs 9,081 crore 2004-05," he informed. Meanwhile, total deposits of the Bank increased from Rs 10,478 crore in 2003-04 to Rs 12,569 crore in 2004-05.

"We at the retail division are also in the process of launching a special savings product that would allow relatives of an account holder to withdraw funds from the same account-it would be like an add-on card for an account holder," he added.

Talking about number of customers, Ghosh said that the total number of customers at the bank was expected to increase from 1.3 million to 1.8 million this year.

Talking about ING's 44 per cent stake in the bank, Ghosh said that there has been no intimation from Reserve Bank of India (RBI) with regards to bringing down their stake and ING was also not too keen on reducing its holding in the bank.

He also said that INGs was also forward to entering the pension sector once guidelines were issued and ruled for the sector framed.