Andhra Bank to float second public issue

Andhra Bank is planning to float its second public issue this fiscal, and open its first foreign office in Dubai next month.

"Andhra Bank is planning to raise Tier-I capital to augment its capital adequacy ratio before March 2006," K Ramakrishnan, CMD of Andhra Bank, said.

The issue will help the bank improve capital-adequacy ratio from the current level of 12.11%, he added.

"We have received permission from the Reserve Bank of India and the government of United Arab Emirates to set up our first representative office in Dubai, which is likely to be opened in December," Ramakrishnan added.

The bank, targeting the Telugu speaking NRI population in the Middle-East and the US, was also planning to open branches in New Jersey and California.