Private sector lender Dhanlaxmi Bank plans to acquire about 70 per cent stake in a mutual fund, a top bank official said here today.
"We plan to acquire 70 per cent stake in an existing mutual fund and expect approval for the same from the Reserve Bank of India by next week," Dhanlakshmi Bank Managing Director and Chief Executive Officer (CEO) Amitabh Chaturvedi told reporters on the sidelines of a press meet here.
He did not give details like name and the size of the company the bank intended to pick up the stake in.
The bank's credit offtake is likely to show an increase of 35-40 per cent in FY'10 primarily due to a low base effect, Chaturvedi said, adding that the bank has seen good credit growth in last two-months.
The bank's current loan-book size is at Rs 5,000 crore, of which majority of the loans are those given to large corporate entities, he said.
The bank plans to add 66 branches and 380 ATMs across the country by the end of the current financial year.
Dhanlaxmi Bank has entered into a strategic alliance with Destimoney to launch its online broking service platform.
Dhanlaxmi Bank has partnered Destimoney to offer its customers a 3-in-1 account, a service that bundles the features of savings, demat and online trading and investment accounts.
The bank's customers will be able to operate the savings and demat account seamlessly and use their finances and securities for investing in capital market products such as equities, derivatives and mutual funds.
Destimoney has a footprint in over 70 unique locations with over 133 branches.
