By IANS
Kolkata : ING Vysya Bank Ltd, a leading private sector bank, introduced private banking operations here Friday.
“The company is now planning to raise Rs.3.5 billion through issue of shares to qualified institutional investors and its foreign founders,” ING Vysya CEO Vaughn Richtor told reporters.
The capital adequacy ratio of the bank would reach 12 percent from the current 10.5 percent after the share allotment, he said. The bank hopes to complete the capital raising process by Nov this year.
“To strengthen its private banking operation, ING Vysya will also open 50 new branches in the northern and eastern regions during fiscal 2007-08. The bank already has 440 branches, mostly in the southern region of the country,” Richtor said.
The bank already has a strong presence in Bangalore, Delhi, Mumbai and Pune. It is now extending its private banking services in Kolkata, Chennai and Hyderabad.
ING Vysya is a private sector bank that serves over 1.5 million customers across India. ING Group is a global financial services company of Dutch origin providing banking, insurance and asset management services in over 50 countries.
“We are expecting over 30 percent growth in client base of high net worth individuals during the current financial year. The bank also expects to continue with deposit mobilisation growth at the present level of 33 percent for the year to March 2008 by expanding its branch network,” Richtor said.