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HDFC
Bank to open 20 branches this year
Our
Banking Bureau
Mumbai, Nov 5: HDFC Bank will add another 20 new branches
by March as part of its plan to increase its geographical
reach. Currently, it has a network of 134 branchesx and 310
ATMs.
The bank has introduced a large number
of products in the last two years. However, they have not
been marketed in all the areas in which the bank functions.
Distribution channels are being improved and the bank’s entire
suite of products will be introduced across all areas it operates.
| ...keen on takeovers |
HDFC Bank is keen to acquire other banks
at the right price and with the right assets, said HDFC
chairman Deepak Parekh.
“We will be keen to take over banks if we find it has
good assets and low non-performing aseets,’’ Mr Parekh
said. Commening on the recent moves by the financial institutions
like ICICI and IDBI to convert themselves into universal
bank, Mr Parekh said the integration process of any merger
is a difficult process.
A shake-out in the banking sector including among the
new generation private sector banks is imminent, Mr Parekh
predicted. |
HDFC Bank’s focus is on internal growth.
Expanding the reach and launching credit cards are the two
key aspects for the bank’s growth this fiscal. The bank will
ultimately offer both Visa and MasterCard but may launch credit
cards with one franchise.
HDFC Bank’s country head - retail assets and marketing, Neeraj
Swaroop said: “There has been some impact of the slowdown
but it is not much. Car related products may be affected a
bit since these depend on sales. Stock market products have
been affected as well. But as financiers and intermediaries,
we have not been affected much and we are not slowing down.”
Mr Swaroop was speaking at a press conference to select the
winners of HDFC Bank’s ‘Debit Grab-It Use-N-Win’ offer for
its international debit card holders. Three winners won return
tickets for two to Paris while five winners won a holiday
package for two at the Cidade de Goa.
Mr Swaroop said universal banking may not make any difference
from a retail banking perspective. The competition has always
been there and the situation has not seen any change as such,
he added.
HDFC Bank had reported a 43.8 per cent rise in its net profit
to Rs 69.3 crore for the second quarter ended September 2001
against Rs 48.23 crore for the same period last fiscal. As
on September 30, 2001, total deposits were Rs 14,279 crore
(Rs 10,052 crore). The bank’s customer assets (advances, corporate
debt, investments etc.) increased to Rs 8,177 crore (Rs 4,741
crore).
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