Mumbai: Private sector lender Development Credit Bank plans to get into asset management business and with a partner, a top official said on Thursday.
“We do want to be in that area but we haven’t got any firm plans at this particular time. Market conditions are not the best to enter at this particular point in time,” managing director and CEO, Gautam Vir said.
“We have a long-term strategic direction, we’d like to look at that,” he said adding it would be through a partner but refused to specify a timeframe.
The bank plans to raise funds in September but the amount will depend on the market conditions then, he said.
“Depending on the market conditions, if the market conditions are good, we will raise less, if the market conditions are better, we will raise more,” he said.
Last month, the bank had announced plans to raise Rs3-4 billion during the current fiscal to fund its growth plans for the next 18 months.
The bank made its initial public offer of shares in October 2006 and now operates 80 branches. It has sought permission from the central bank to open 50 more branches.
Shares in the bank were trading up 2.7% at Rs93.75 in the Mumbai market.