document.writeln("
Principal
AMC enters alliance with PNB, Vijaya Bank
Mumbai: Principal Asset Management Company (AMC)
has announced an alliance with Punjab National Bank (PNB)
and Vijaya Bank. PNB has acquired a 30 per cent stake
in AMC while Vijaya Bank has acquired a 5 per cent stake.
The company is now called Principal PNB Asset Management
Company (in partnership with Vijaya Bank). AMC is targeting
to breach the Rs10,000-crore assets under management figure
over the next twelve months. Currently, the company manages
Rs4,825 crore of assets. Norman Sorensen, president Principal
International, Inc said the company is aspiring to be
three times its current size in two years' time.
Back
to News Review index page
ADB
increase rural disbursements
New
Delhi: The Asian Development Bank (ADB) plans to double
sanctions for the development of the rural sector for
2005-07 at Rs11,500 crore. A large chunk of the total
sum will be directed towards completion of various projects,
under the government's Accelerated Irrigation Benefits
Programme (AIBP).
The spread coincides with the rural flavour in the United
Progressive Alliance (UPA) agenda. The common minimum
programme (CMP) driving the UPA government also emphasises
on the AIBP. ADB chief economist and deputy country director
Sudipto Mundle said the bank would focus on irrigation,
rural finance, agriculture and water resource management
projects.
Back
to News Review index page
ICICI
Bank plans aggressive growth in retail banking
New
Delhi: ICICI Banks is targeting to retain over 30
per cent of the retail loan mart, which includes housing
loans, vehicle loans, personal loans and credit cards.
The bank is planning to grow aggressively by opening 60
more branches, this fiscal and aims to increase its retail
assets to Rs33,000 crore, in 2004-05. It recently received
permission to open 60 more branches this fiscal and has
455 branches at present.
The
bank recently launched a co-branded credit card with Punjab
& Sind bank in New Delhi. The bank is looking at opening
branches in urban and semi-urban areas to increase its
customer base, now at 10 million. Apart from branch expansion,
the bank would also open more ATM counters. At present
it has 1,780 ATMs. ICICI Bank, listed on the New York
stock exchange, has representative offices in US and branches
in Canada, UK, UAE, China and Singapore.
Back
to News Review index page
LIC
ups equity stake in ICICI Bank
Mumbai: State-owned Life Insurance Corporation
of India (LIC), has raised its stake in private bank ICICI
Bank, India's second-largest commercial bank, to 10.09
per cent from 7.86 per cent, the National Stock Exchange
(NSE) said on Friday.
Back
to News Review index page
Centurion
Bank to release Rs91 crore rights issue
New Delhi: Centurion Bank is planning to come out
with a rights issue worth Rs 91 crore this July, which
would raise its capital base to Rs288 crore by September-end
this fiscal. According to bank officials the record date
for the rights issue of Rs91 crore has been set at July
23, 2004 subject to necessary approvals and will be completed
well before September 30.
Promoters Rana Talwar's Sabre Capital, Bank Muscat and
others have infused Rs154 crore equity in the erstwhile
ailing bank. After the proposed rights issue, the
bank will have an additional capital of Rs 288 crore,
the official said, adding the capital adequacy ratio will
then increase to more than the Reserve Bank stipulated
nine per cent. Centurion Bank turned around in the first
quarter of this fiscal with a net profit of Rs3.15 crore
after posting a net loss of Rs105.14 crore for the year
ended March 31, 2004.
Back
to News Review index page
