Bank of Baroda has shelved its plan to induct a strategic partner in its wholly-owned subsidiary, Bobcards Ltd, even as the public sector entity plans to increase its ATM network to 500 by March 2004.
"We were earlier intending to bring in a strategic partner in Bobcards Ltd but have decided to shelve this plan till the subsidiary achieves a critical mass," BoB chairman and managing director P S Shenoy told PTI in Mumbai on Tuesday.
The bank wants its subsidiary to achieve a critical mass in terms of visibility, technology and a card base of at least 10 lakh (1 million) before proceeding with such a plan, he said.
Bobcards currently has a card base of over 200,000 and had recently entered into a marketing alliance with Bharat Overseas Bank Ltd to expand its presence in south India.
In fiscal 2002-03, Bobcards' net profit had gone up from Rs 2.3 crore (Rs 23 million) to Rs 4.15 crore (Rs 41.5 million) while the total income increased to Rs 32.71 crore (Rs 327.1 million) from Rs 31.52 crore (Rs 315.2 million) posted in the last year.
On ATMs, Shenoy said the bank is planning to hike its network from the existing 100 to 500 by the end of the current financial year.
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