IDBI Bank seeks BCG help to improve financial performance

State-owned IDBI Bank today said it has launched 'Project Nishchay' in partnership with Boston Consulting Group (BCG) to accelerate its turnaround programme for sustainable growth and profitability.
"BCG will assist the bank to identify areas of cost containment and revenue maximisation leading to sustainable growth and profitability of the bank," the public sector bank said in a filing to stock exchanges.
The project will be led by senior management at IDBI Bank along with BCG to accelerate its turnaround programme and improve financial performance.
With support from the consulting partner, the bank "hopes to identify" and address existing gaps, capitalise on core strengths and improve existing products and products.

The filing further said the bank will focus on four key areas -- revenue enhancement, cost control and reduction, asset productivity, and overall programme management in consultation with BCG.
IDBI Bank's share today closed at Rs 53.50 apiece on the BSE, up 0.66 per cent.