IndusInd Bank eyes NBFCs

By Our Banking Bureau | 23 Jun 2003

Mumbai: The Hindujas-promoted IndusInd Bank is looking at non-banking finance companies (NBFCs) for acquisition.

"We are interested in acquiring NBFC business. We are looking at some of the potential candidates for acquisition. It is too early to talk about them," says IndusInd Bank managing director Bhaskar Ghose.

The bank is also in the process of a reverse merger with its promoter finance company — IndusInd Enterprises and Finance Ltd.

It has been rough days for NBFCs with most of them finding survival difficult with credibility being a major concern. Most NBFCs, excepting a few top players, are of the opinion that they have to merge with a bank or convert themselves into one in order to survive the onslaught of increasing competition.