Nainital Bank Ltd , an associate of Bank of Baroda (BoB), is planning to come out with a public issue of Rs 15 crore in order to increase its networth in the next two years, a top official of NBL said. The bank has also sought Rs 5 crore through equity infusion from BoB, which holds 94 per cent in NBL, to increase its paid-up capital over Rs five crore, the minimum capital requirement for banks before coming out with a public issue.

Currently NBL has paid-up capital of Rs 2.5 crore and authorised capital of Rs 10 crore. "The bank has planned an initial public offer at a premium of Rs 10 per share to raise Rs 15 crore in order to increase the networth of the bank to Rs 50 crore by 2002," Nainital Bank chairman Satish C Ahuja said.

ABN Amro sees 40% growth

Dutch banking major ABN Amro has worked out a new expanded retail business portfolio based on the consumer banking division of Bank of America, which it had recently bought over for $200 million,and is expecting a 30-40 per cent growth in the first year itself.The new business portfolio would encompass fresh productsincluding second hand car finance.