Mumbai, June 8: ABN Amro Bank expects some of its businesses in India to grow more than 50 per cent this year. The bank also plans to increase its branch network.

ABN Amro is the only foreign bank to have asked for the Reserve Bank’s permission for converting into a subsidiary.

Ramesh Sobti, executive vice-president and country representative of ABN Amro Bank NV (India), said the bank is not envisaging any infusion of capital even after conversion.

“We are over-capitalised,” Sobti said. The bank has not remitted profits so far. However, its capital adequacy ratio is at a healthy 13 per cent. The bank expects an overall revenue growth of 30 per cent this year.

The Dutch bank has India high on its list of priorities, Sobti said. The Indian unit is prepared to meet norms arising from its conversion into a subsidiary, including those on priority sector lending and rural branches. ABN Amro is now awaiting detailed guidelines from the central bank on this issue.

The bank will also offer customers a wide palate of services, including mutual funds for which it recently obtained the market regulator’s approval.

ABN Amro Asset Management India will launch five schemes, including equity and debt flavoured plans. The schemes will be targeted at both retail and wholesale customers.

The Indian operations of ABN Amro Bank began in 1920 when the first branch was opened in Calcutta. However, the bank has grown rapidly over the past three years when it acquired Bank of America’s retail operations.

While the bank’s balance-sheet is Rs 10,000 crore, close to 60 per cent of its revenue mix is accounted for by retail lending. Net non-performing assets of the bank stands at just 0.5 per cent.