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IndusInd Bank keen to rope in strategic partners

MUMBAI, DEC. 23. IndusInd Bank is planning to forge strategic alliance with overseas banking entities with option for equity stake in joint ventures to offer wealth management, private banking and capital market services.

The private sector bank is talking with reputed international financial sector players to provide new services some of which could be provided through separate companies, the bank's Managing Director, Bhaskar Ghose, told reporters after unveiling a new logo of the bank here today.

The high net worth individuals are looking for a one-stop shop unit and it would be beneficial to target them (NRIs) through a separate corporate entity, he added.

On the prospects of additional foreign direct investment in the bank, he said though the bank was adequately capitalised for the next 12-18 months, it was open to such a proposal, including inducting new partners.

Asked about the expansion of its overseas business presence, he said the bank had two representative offices in Dubai and London but "we are not going to opt for the coventional route to open branches.''

Mr. Bose said the bank would have a network of 130 branches by the end of March, 2005, out of which 50 were erstwhile Ashok Leyland Finance outfits converted into branches.

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

PTI

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