IDBI aims at Rs 1 lakh cr assets by year-end

The Industrial Development Bank of India (IDBI) is targeting total assets worth Rs 1,00,000 crore by the end of this fiscal, said chairman M Damodaran yesterday.

The newly converted, banking company also aims to be one among the top four Indian banks to have a global presence through the organic as well as inorganic route.

The Narasimham Committee on financial sector reforms had suggested the presence of four Indian banks with global presence and about eight national banks and "...we would like to be among the first four," told Damodaran today at the sidelines of a press conference held to announce UTI Mutual Fund distribution tie-up with Uco Bank.

Damodaran is also chairman at UTI Mutual Fund. By March 2005 the combined entity of IDBI and IDBI Bank will have a branch network of 240 branches, said Damodaran.

Currently, due-diligence and swap ratio are being worked out by the advisors for the merger. IDBI is converting 101 of IDBI's resource mobilisation branches to bank branches, he added.

The chairman had earlier stated that he is interested in taking over a public sector bank and aims to be the second largest commercial bank in the country.

IDBI Bank had earlier been slow in expanding its branch network but now with adequate capital it is opening almost one branch every week. Over the last three months the bank has expanded its network from 99 to 114.

Asked about reports of merger of Delhi-based, IFCI with IDBI, Damodaran said no specific proposal existed on it.