Even with norms for setting up new banks by private sector companies is under works, ADAG chief Anil Ambani announced on Tuesday that the groups? financial arm, Reliance Capital, is exploring options for venturing into banking.

Ambani told the shareholders of Reliance Capital at the annual general meeting (AGM ) that the group was keeping track of all regulatory developments on this front. ?The group?s banking entity could be called Reliance Bank,? Ambani said.

Analysts also expect Mukesh Ambani?s Reliance Industries to venture into banking.

Anil Ambani said banking was a new growth opportunity and it would evaluate opportunities to enter this sector. The significant under-penetration of financial services in India would continue to create immense opportunities for growth, he added.

The non-banking finance company plans to expand its asset management business into emerging markets and grow wealth management and private equity business.

Ambani said growth in the financial sector has so far been achieved mostly through the organic route. Hinting at the inorganic route for future growth, Ambani said, ?Our strategy is to unlock value from all our major businesses for the benefit of our 1.3 million shareholders.?

Ambani also said that the talks for a stake sale in its asset management business to Nippon are in advanced stages. The company would consider a stake sale in other businesses, like general insurance, as well.

He said that Reliance Capital has become the country?s largest NBFC, with a net worth of nearly R8,000 crore, more than 2 crore customers and 8,000 offices across the country with a staff strength of over 18,000 people.

?From a single business of nominal scale in 2005, we have established multiple businesses across the entire spectrum of financial services. Despite being a late entrant, Reliance Capital has achieved leadership position in all its major businesses in a highly competitive business environment,? he said.

In its first value unlocking transaction, Reliance Capital had signed a definitive agreement with Nippon Life Insurance to sell 26% stake in Reliance Life Insurance earlier this year, subject to regulatory approvals.

?This is the largest FDI transaction in Indian financial services sector and life insurance space. The company will benefit from Nippon?s vast experience, expertise, intellectual capacity and global best practices in areas of product development, risk management, underwriting and customer relationship management,?? Ambani added.

While the exact stake sale details for the AMC business weren?t disclosed, the management said that the discussions were in the advanced stage. According to sources, Reliance Capital is likely to sell about 20-25% stake in its asset management business. Reliance Capital had also signed an MoU with Nippon Life for evaluating collaboration opportunities ? including strategic partnership ? across all Reliance Capital promoted financial businesses.