IDFC plans $200-million ECB
Infrastructure Development Finance Corporation (IDFC) will shortly raise through external commercial borrowings (ECBs) $200 million in 2006-07 for lending to sectors like tourism, airports and shipping. It has already raised ECBs of $50 million, for infrastructure projects financing.

IDFC also plans to extend foreign currency loans to projects and companies, especially those with forex earnings without taking but will not take foreign currency risk on its books.

The timing of the ECBs will coincide with specific lending proposals from companies.

It plans to apply for RBI's permission shortly.
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Syndicate Bank expects net profit of Rs700-crore
Syndicate Bank expects its net profit to Rs700 crore on a total workings (advances plus deposits) of over Rs84,500 crore by the end of 2006-07. This was stated by Prakash Mallya, executive director, Syndicate Bank.

The bank also plans to start distributing mutual funds within three to four months Mallya said at a conference to mark the second year of its bancassurance tie-up with Bajaj Allianz Life Insurance Company Ltd.

Also speaking on the occasion R K Abrol, general manager, Syndicate bank disclosed that in the first 10 months of the current financial year the bank had collected premiums of Rs80 crore against Rs50 crore in 2004-05. The bank is targeting total business of Rs100 crore by March and Rs30 crore income, he disclosed.

The bank's wholly owned BPO subsidiary will also commence operations before the end of the current financial year. The BPO will handle the bank's back office operations like credit cards and also undertake filing of IT returns online for its clients.

Mallya also said that the bank was also signing an MoU with CMC Ltd to start the Syndicate Institute of Banking Management, to offer banking and IT-related courses to other banks and financial institutions.

From the current strength of around 1,950 branches it hopes to expand to 2,000 branches by March.

Mallya said that the bank was heavily oriented towards agriculture, with 57 per cent of its branches being located in rural and semi-urban areas.
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