Bandhan Bank appoints lead managers for its proposed IPO
The size of the share sale, its timing and all other related aspects have not been finalized as yet.
The final decision on the proposed IPO will be subject to all regulatory approvals.
The Bank had posted Rs. 1,111.95 crore net profit for the FY’18. The Bank reported a 35 % rise in its net profit for the quarter ended June 30, 2017 aided by high net interest and non – interest incomes.
Currently Bandhan Bank operates across 33 Indian states and Union Territories through a robust network of 844 branches, 2,485 Doorstep Service Centres (DSCs) and 384 ATMs, catering to more than 11 million customers. It has a workforce of about 25,200 employees. Since its launch, the bank has collected deposits more than Rs. 24,500 crore and outstanding loan book is Rs. 21,235 crore.
The Kolkata-headquartered bank has two divisions -- General Banking and Micro Banking, offering a suite of retail financial solutions, including a variety of savings and loan products.
The savings bank account interest rate is 6% for balance above Rs.1 lakh and 4% for balance up to Rs.1 lakh.
For term deposits, the maximum interest rate offered is 7.25% for one year with an additional 0.5% for the senior citizens.
Bandhan Bank seeks to offer its world-class banking products and services to urban, semi-urban and rural customers alike.
It is a bank for all but the focus remains unchanged to meet the financial needs of people who are overlooked by the formal banking system and create better education, health care and self-employment opportunities.
In sync with the philosophy of ‘Aapka Bhala, Sabki Bhalai’ and keeping financial inclusion at the heart of it, Bandhan is committed to provide a host of products and services, competitively on a par with India’s top private and state-owned banks.
The success of the organization is measured by the million lives it has touched and the communities that have blossomed with its tireless efforts. Simply put, when you choose to bank with Bandhan, you are choosing to be instrumental in the nation’s larger growth story.
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