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IndusInd Bank plans foreign tie-ups

April 21, 2006 17:09 IST

The private IndusInd Bank plans to enter into strategic tie-ups with foreign banks in the US, UK and South East Asia for its expansion plans.

The bank has already tied up with Abu-Dhabi-based Union National Bank to provide a wide range of banking services, including deposit accounts, remittance business, loans, wealth management advisory, distribution of third party products among others, IndusInd managing director Bhaskar Ghose told a press meet here.

Through this alliance, both banks would focus primarily on business opportunites generated by NRIs in UAE. Both and treat each other as preferred partners with reciprocity of business flows and promotion of each other's banking services.
The UNB has 37 branches in UAE, Qatar, Bahrain and Oman.

On growth through acqusitions, he said "If there is an opportunity to acquire a bank, we will certainly look into it."

But since organic growth is not be enough, IIB is looking at not only banks, but also to Non Banking financial Institutions which are into vehicle finance, he added.

Seventeen exchange houses from UAE, Kuwait and Oman have entered into arrangements with IBL to provide convenient, cost-effective and quick funds transfer facilities to NRIs.

The bank has increased its retail network to 137 branches and plans to expand significantly in 2006-07 fiscal, he said, adding that applications had been submitted to RBI in this regard. IndusInd has 12 banks in Kerala.

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