IDBI rules out taking over IFCI, IIBI
17 December 2005

New Delhi: The Industrial Development Bank of India (IDBI) has ruled out acquisition of ailing financial institutions IFCI and IIBI. It also said that it was aiming at 16 per cent growth in business, at over Rs71,000 crore, and plans to open over 300 branches in the next two years.

According to IDBI chairman, V P Shetty, IDBI Bank was also looking at entering into life insurance for which it has appointed an advisor, Watson Wyatt. The bank expects its assets to grow to over Rs90,000 crore, from the current Rs81,500 crore, on the back of a retail thrust.

Shetty said that IDBI Bank expects loan advances to cross Rs50,000-51,000 crore in this fiscal from about Rs46,000 crore in 2004-05. The IDBI chief also said that the bank was trying to reduce its cost of funds by stressing on low cost deposits and reducing its reliance on bonds.

After the merger of IDBI with its private banking arm, IDBI Bank, the country's leading financial institution is now spreading its wings across the country.

IDBI had plans to increase its branch network to 200 by March next year, from the present 155 branches.

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