Indian Bank wants to raise global business volume to USD1.7bn

Posted on: Wed, 04 Nov 2009 10:17:00 EST


Symbols: INDIF
Dublin, Nov 04, 2009 (M2 PRESSWIRE via COMTEX) --
INDIF | Quote | Chart | News | PowerRating -- 2 November 2009 - Indian Bank (BOM:532814) plans to boost its
international operations to INR80bn (USD1.7bn/EUR1.2bn) over a
three-year period, a bank official told Indian business daily Business
Standard.

Currently, the overseas business of the bank is limited to Singapore
and Sri Lanka but it aims to set foot also in Hong Kong and Australia.

The bank has launched its derivative business and already has a track
record of two deals under the consultancy of Derivium International.
For now, the service is offered in Chennai only but expansion to other
Indian cities is forthcoming.

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