Syndicate Bank to float second FPO

Syndicate Bank to float second FPO

Kolkata: To meet risk capital norms, Syndicate Bank has approached the Reserve Bank of India and SEBI for floating its second follow-on public offer (FPO) during the current financial year, a bank official said.

General manager of Syndicate Bank (Kolkata region) K. Devananda Upadhyaya told reporters here Thursday that the bank was awaiting clearance from the regulatory bodies for floating the FPO.

On obtaining the clearances, the bank would float the offer during the current financial year.

The bank’s capital adequacy ratio (CAR) stood at 12.19% at the moment.

He said the bank would start doorstep banking by setting up kiosks at apartment complexes dotting the city.

The bank has also decided to attach importance to financial inclusion.

In the Kolkata region, the bank’s business touched 4400 crore, with advances at ,600 crore and deposits at ,800 crore.

The bank has 28 branches and 11 ATMs here.