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Allahabad Bank plans insurance foray
Special Correspondent
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Explores option of setting up a realty fund
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KOLKATA:
Allahabad Bank was planning an entry into the insurance sector through its subsidiary Allbank Finance Ltd, (AFL), Chairman and Managing Director of the bank, O. N. Singh, said.
Addressing a press meet here, he said "A due diligence study would decide whether the life or non-life sector would be tapped," Mr. Singh said, adding that AFL had also applied to the Securities and Exchange Board of India for a merchant banking licence. alongside, the option of setting up a realty fund was also being explored by AFL, which was being revamped now. Regarding the bank, he said it closed 2004-05 with a total business of Rs. 62,914 crores and a net profit of Rs. 541.80 crores. The bank's board on Monday approved dividend of 30 per cent for the year against 20 per cent. Mr. Singh said there seemed to be increasing business opportunities in the southern and the western regions where only 9.12 per cent of the bank's 1,951 branches were located. He indicated that the bank was keen to tap `activity synergies' with banks in these regions.
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