The Telegraph
Since 1st March, 1999
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IDBI Bank sets sights on housing firms

Calcutta, Sept. 25: IDBI Bank has decided to acquire housing finance companies as part of its strategy to grow in the retail sector in the next one year.

“We plan to acquire good housing finance companies for inorganic growth,” country head (retail banking) Ajay Bimbhet said.

“We will focus on the housing finance sector in the next 12 months. Our retail assets have grown 250 per cent in the first five months of the current financial year,” he added.

The non-trading fee income from underlying corporate and retail banking activities, which forms part of other income, increased substantially from Rs 13.9 crore in the quarter ended June 30 2001, to Rs 21.7 crore in the quarter ended June 30 2002—a growth of 56 per cent.

The bank recently acquired the merchant acquiring business of BNP Paribas which has enabled it to introduce an international debit card, launched in the city today.

The Visa Electron debit card is a fully online debit card, which will allow IDBI Bank customers to literally carry their bank account in their pockets, and access their bank accounts, anytime and anywhere. Customers will be able to use the card at over 40,000 outlets in India and 10 million outlets world wide.

The card will replace the ATM card currently issued by the bank and can be used to withdraw cash at over 245 IDBI bank ATMs, over 2,500 Visa/Plus ATMs in India and over 6.7 lakh ATMs across the world.

“With the launch of the debit card, our retail product suite is now virtually complete. We intend to aggressively grow our debit card base and are introducing several usage programmes. Concurrently, we have started expanding our merchant acquiring business that we recently purchased from BNP Paribas,” Bimbhet said.

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