IndusInd plans link with European bank

IndusInd Bank is planning to enter into a strategic alliances with a Europe-based bank to widen the product suite offered to its non-resident Indian (NRI) customers.

"We could join hands with a European bank to widen the scope of product and services IndusInd Bank offers to its NRI clients," Bhaskar Ghose, managing director, IndusInd Bank, said after unveiling a new logo for the bank.

The bank is also in talks with other international financial sector players to provide wealth management, private banking and capital market services to its high networth clients, he added.

On IndusInd Bank's expansion plans overseas, Ghose said the bank has two representative offices in Dubai and London.

However, it may not replicate the same business model in other locations. The bank is exploring the possibility of strategic alliances with financial entities overseas to access newer markets.

Ghose said the bank would have a network of 130 branches by the end of March, 2005, out of which 52 were erstwhile Ashok Leyland Finance Ltd branches converted into IndusInd branches.

The bank's loan book is about Rs 7,000 crore, net of securitised assets, with retail and wholesale segment having 40 per cent and 60 per cent share respectively, he added.

"To support the bank expansion plans the bank will have to raise around Rs 150 crore early next year," said Ghose. The capital could be raised though issuance of Tier II bonds or fresh equity issue, he added.