The Hindu : IndusInd Bank's retail push

Online edition of India's National Newspaper
Friday, Mar 28, 2003

Business

Business

IndusInd Bank's retail push

BANGALORE MARCH 27. IndusInd Bank plans to almost double its branches and service outlets to 100 from 55 in the next one year. "We are going aggressive on our retail plans. In the next one or two years, we will become a full-scale retail bank. We are increasing our branch and service outlet to 100 in the next one year," IndusInd Bank Executive Vice President, Jayanta Basu, told reporters here today. He said the bank would continue in the corporate banking segment.

The Hindujas-owned bank, Mr. Basu said, was in the process of finalising third party partners in mutual funds and insurance to distribute their products through the branch network.

He said the bank planned to open representative offices in Dubai and London in the next three months and channellise deposits from non-resident Indian population.

The bank opened its second branch in Bangalore today with more outlets planned in future.

Mr. Basu said IndusInd had received new licences to open its branches at various locations including Bhopal and Kanpur. He said the bank had already done a soft launch of Visa debit cards for its customers.

PTI

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