Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / No immediate plans for merger: Development Credit Bank
BackBack

No immediate plans for merger: Development Credit Bank

No immediate plans for merger: Development Credit Bank

Premium

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."

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 10 Apr 2008, 01:27 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie