Bangalore: With a strong presence in South India, ING Vysya Bank Ltd plans to develop a national footprint.
The lender plans to open 56 new branches across India, out of which 50 would be in the north and west of India. The Bangalore-based bank currently has 407 branches across the country, out of which 75% are in South India, primarily in Karnataka and Andhra Pradesh. “The bank will fund its growth plans from the Rs350 crore capital it is raising through a qualified institutional placement (QIP),” says Uday Sareen, country head, retail banking, ING Vysya Bank.
The bank expects to open at least half of the planned new branches before 31 March. The lender said it has also been authorized by the Reserve Bank of India to add 100 new automated teller machines (ATMs). It currently has 194 ATM outlets nationwide.
In the second quarter ended 30 September, the bank’s net profit rose 11.09%, to Rs45.98 crore. Its operating income increased 27.7%, to Rs524.30 crore, compared with the year-ago period.
The lender wants to increase its total deposits, offer wealth management, and increase its market share in home and personal loans.