Indusind Bank opens its 5th Branch at Chhindwara in Madhya Pradesh

Indusind Bank Ltd has announced that the Bank has inaugurated its new branch at Chhindwara, taking the total number of the Bank outlets to 8 in Madhya Pradesh (5 branches and 3 off-site ATMs). Mr. Arun Pandey IAS, District Collector, Chhindwara graced the occasion as the Chief Guest and Mr. Rajesh Agrawal, was present as the Guest of Honour. In Madhya Pradesh, the Bank has branches in Indore, Bhopal, Gwalior and Jabalpur.

Speaking at the inauguration, Mr. Vargheses Thambi, Head Retail Banking, of the Bank, said, "From, being a District that was full of Date-Palm trees and being considered as a district akin to the entrance to a Lions´ den; Chhindwara has come a long way. It holds a significant position in the map of Madhya Pradesh today. Induslnd aims to reach out to a wider target group by providing high-quality technology-driven services to the people of Chhindwara. The Bank has a wide range of products to meet the requirements of all client segments."

As on date, the Bank has 146 branches and 83 offsite ATMs spread over 116 geographical locations in 24 states and Union Territories. During the last quarter, the Bank upgraded its 8 extension counters into Bank branches providing a full range of products and services. Total deposits as on June 30, 2006 were Rs 1,54,000.60 million as compared to Rs 1,30,808.80 million in the corresponding quarter of the previous year, recording a growth of 17.73%. Recently, the Bank announced a revision in its term deposit, rate to 8% p.a. for a term of 270 days to below 1 year.

During the last quarter, the Bank announced its strategic alliance with Doha Bank in Qatar. This alliance encompasses a wide range of banking services, including deposit accounts, remittance business, loans, wealth management advisory, distribution of third party products, trade finance, global banking, and investment banking including corporate finance. Through this partnership, the Bank and Doha Bank treat each other as preferred partners, with reciprocity of business flows and promotion of each other´s banking services.

As on date, the Bank has arrangements with seventeen exchange houses from the UAE, Kuwait, Bahrain, Qatar and Oman to provide convenient, cost-effective, and quick funds-transfer facilities to NRIs. These arrangements have also made a significant contribution to the Bank´s income.

The newly-formed Investment Banking Division of the Bank also achieved a milestone in the first quarter of the financial year 2006-07 by acting as financial advisor to the divestment of Hinduja TMT Ltd.´s 5.11% equity stake of Hutchison Essar to Hutchison Telecommunication. The deal was worth US $ 450,000,000. The Bank has more deals in the pipeline.

The Capital and Commodity Markets arm of the Bank established tie-ups with seven mutual funds in the first quarter of the financial year 2006-07 for on-line redemption and collection arrangements. At present, the Bank has a tie-up with 28 mutual funds and is in discussion with some more.

The Wholesale Banking division of the Bank ventured Into lending to the Aviation Sector in the first quarter of the financial year 2006-07. The Bank has established business relations with leading airlines during this period, and plans to associate with Oil PSUs soon.

Source : Equity Bulls

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