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"We have received the approval to set up an MF subsidiary. The modalities are being worked out. We hope to finalise the structure of the company in the next one month," IDBI Bank's Deputy Managing Director Jitendar Balakrishnan told reporters here.
Though the bank is yet to finalise the details of the venture, the MF unit is likely to operate as a wholly-owned subsidiary of the bank, Balakrishnan said.
The bank will utilise its existing branch strength to sell the mutual fund products. IDBI Bank has branch strength of 517, which is expected to go up to 700 by July this year.
"We have plans to significantly expand our presence in India and abroad. By the end of this fiscal, total number of branches will go up to 1,000," Balakrishnan said.
The bank has applied with the respective regulators to open offices in Singapore and Dubai and a representative office in Shanghai.
"We expect to open the Dubai office by the end of May," he said.
IDBI Bank has targeted to serve its corporate clients through its overseas foray and would primarily focus on helping Indian corporates to meet their fund requirements abroad, Balakrishnan said. IDBI Bank is waiting for the government approval to sell its Pune-based home loan subsidiary IDBI Home Finance Ltd and would go ahead with the deal once it receives the government permission, he said.
"They (Government) have sought some clarifications (about the deal). Once we receive the permission, the bank will go ahead with the proposal," Balakrishnan said.
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