UTI Bank, one of the fastest growing private sector bank in the country, is all set to foray into the domain of international banking.

The bank plans to open its first international branch in the Asian region soon to fuel its growth and has sought the Reserve Bank of India's approval.

"We have already applied to the apex bank seeking regulatory permission and will commence our operations after we get the approval. We will open our international branches in the Asian region to start with." P J Nayak, chairman and managing director, UTI Bank said on Tuesday.

On acquisition of stakes by foreign banks in UTI, Nayak said, "At present, HSBC holds 15 per cent stake in the bank while 5 per cent is held by another foreign bank.

Currently, there no plans for any mergers and acquisitions as we plan to grow organically. HSBC only has a financial stake in the bank with no strategic interest."

The bank plans to have branches over 580 district head quarters across the country. The bank recently opened five rural branches and plans to open another five rural branches by the end of the current financial year.

The banks has signed a memorandum of understanding with Bajaj Allianz General Insurance Company for distribution of its insurance products across all its branches in the country. The bank has also signed pact with the Department of Posts and Telegraph, which would further enhance its reach.

"The bank has maintained its top line growth of around 40 per cent and bottom line growth of over 40 per cent during the past five years. We aim at customer service and product innovation tuned to diverse needs of individual and corporate clientele," Nayak said.

The balance sheet of the bank reflected Rs 27,000 crore (Rs 270 billion) with receipts at Rs 22,000 crore (Rs 220 billion) and advances at Rs 11,500 crore (Rs 115 billion).

The bank has net non-performing assets of 1.03 per cent. The bank has 311 branches across the country and ATM network of 1461 ATMs across the country.