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.