No immediate plans for merger: Development Credit Bank

No immediate plans for merger: Development Credit Bank
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First Published: Thu, Apr 10 2008. 01 27 PM IST
Updated: Thu, Apr 10 2008. 01 27 PM IST
PTI
Mumbai: Private sector lender Development Credit Bank today said it will consider the merger possibilities after 2009 when the country’s banking sector is widely expected to be opened up for foreign players.
“We are not here to merge...will see it later after 2009. We wish to be a strong independent bank,” DCB’s Chairman Nasser Munjee told reporters on the sidelines of a Bombay Chamber of Commerce and Industry seminar here.
Munjee said the bank broke even last year and will remain profitable this year.
“We will create more value so that whenever and whoever we talk to (for merger), we will bring a value proposition,” he said.
The bank will come up with its annual financial results on 5 May.
DCB has set its focus on retail and SME segment in the current year and wish to become a first class niche bank during the period, Munjee said.
The bank has no immediate needs to raise funds, Munjee said, adding,“The bank could be raising funds in the last quarter of the current fiscal.”
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First Published: Thu, Apr 10 2008. 01 27 PM IST