Representatives from the International Finance Corporation (IFC), a member of the World Bank Group, and Singapore’s sovereign wealth fund GIC may join Bandhan Bank’s board by this fiscal-end. “By March, we expect both GIC and IFC to join the board. It will be good for the bank, if they join the board,” said Ghosh.
Apart from SIDBI, the bank’s public shareholders include, among others, IFC and GIC. The ten-member board has former chief economic advisor Ashok Kumar Lahiri as the chairman. GIC, IFC and state-run SIDBI have earlier invested more than R1,000 crore in Bandhan. Going ahead, GIC and IFC are expected to pump R500 crore more.