Bandhan plans to go for an IPO in 2018; bank to be inaugurated by Prez on Aug 23, 2015
Updated: Jul 10, 2015 03:30:25pm
Kolkata, July 10 (KNN) Kolkata based - Bandhan Bank, plans to go for an IPO in 2018. The bank also unveiled that it is set to start operations in August.
The bank announced that Ashok Kumar Lahiri, a former Chief Economic Advisor to the Centre, will be the Chairman, while Chandra Shekhar Ghosh will be the MD and CEO of the bank. Both appointments are subject to Reserve Bank of India approval.
On Thursday, Bandhan also unveiled the new logo – an image of the ‘diya’ – designed by Ogilvy and Mather. The bank will be inaugurated by President Pranab Mukherjee on August 23, 2015.
"We will have to go for IPO after three years of starting operations in 2015 as per RBI guidelines. President Pranab Mukherjee will inaugurate the bank," MD and CEO of Bandhan Bank Chandra Sekhar Ghosh told reporters.
According to MD and CEO, CS Ghosh, Bandhan Bank will have 630 branches across 27 States. Nearly 247 of these new branches are expected to be in West Bengal.
The bank will have two distinct wings. One will cater to the micro-banking segment, targeting the rural and un-banked areas. The other will look at general banking.
“Some 500-odd branches are expected to be operational around the launch date itself,” he told reporters during the conference.
According to Ghosh, the bank will target a growth of 20-30 per cent, every year for the next three years.
The present business size of Bandhan Bank is Rs 10,000 crore, all of which were in the form of advances to self-help groups which were extended micro-finance, he said.
Ghosh said that Bandhan Bank is targeting an account holder base of 1 crore to start with.
"Our staffing requirement would be another 3,000 to 4,000 down the line," he said.
Others, who would be present at the inauguration, are SEBI and IRDA chairmen besides two RBI deputy governors.
The other directors include B Sambamurthy, former CMD of Corporation Bank; CM Dixit, Senior Partner at GD Apte & Co; Krishnamurthy Subramanian, Associate Professor at the Indian School of Business; Snehomoy Bhattacharya, former ED of Axis Bank; Pradip Kumar Saha, former CGM at SIDBI; Sisir Kumar Chakrabarti, former Dy MD of Axis Bank; Bhaskar Sen, former CMD of UBI and PS Raji Gain, CGM, Nabard. Representatives from the International Finance Corporation (IFC), a member of the World Bank Group, and Singapore’s sovereign wealth fund GIC may also join the bank’s board. (KNN Bureau)
The bank announced that Ashok Kumar Lahiri, a former Chief Economic Advisor to the Centre, will be the Chairman, while Chandra Shekhar Ghosh will be the MD and CEO of the bank. Both appointments are subject to Reserve Bank of India approval.
On Thursday, Bandhan also unveiled the new logo – an image of the ‘diya’ – designed by Ogilvy and Mather. The bank will be inaugurated by President Pranab Mukherjee on August 23, 2015.
"We will have to go for IPO after three years of starting operations in 2015 as per RBI guidelines. President Pranab Mukherjee will inaugurate the bank," MD and CEO of Bandhan Bank Chandra Sekhar Ghosh told reporters.
According to MD and CEO, CS Ghosh, Bandhan Bank will have 630 branches across 27 States. Nearly 247 of these new branches are expected to be in West Bengal.
The bank will have two distinct wings. One will cater to the micro-banking segment, targeting the rural and un-banked areas. The other will look at general banking.
“Some 500-odd branches are expected to be operational around the launch date itself,” he told reporters during the conference.
According to Ghosh, the bank will target a growth of 20-30 per cent, every year for the next three years.
The present business size of Bandhan Bank is Rs 10,000 crore, all of which were in the form of advances to self-help groups which were extended micro-finance, he said.
Ghosh said that Bandhan Bank is targeting an account holder base of 1 crore to start with.
"Our staffing requirement would be another 3,000 to 4,000 down the line," he said.
Others, who would be present at the inauguration, are SEBI and IRDA chairmen besides two RBI deputy governors.
The other directors include B Sambamurthy, former CMD of Corporation Bank; CM Dixit, Senior Partner at GD Apte & Co; Krishnamurthy Subramanian, Associate Professor at the Indian School of Business; Snehomoy Bhattacharya, former ED of Axis Bank; Pradip Kumar Saha, former CGM at SIDBI; Sisir Kumar Chakrabarti, former Dy MD of Axis Bank; Bhaskar Sen, former CMD of UBI and PS Raji Gain, CGM, Nabard. Representatives from the International Finance Corporation (IFC), a member of the World Bank Group, and Singapore’s sovereign wealth fund GIC may also join the bank’s board. (KNN Bureau)
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