3 july 2004

principal amc enters alliance with pnb, vijaya bank
mumbai: principal asset management company (amc) has announced an alliance with punjab national bank (pnb) and vijaya bank. pnb has acquired a 30 per cent stake in amc while vijaya bank has acquired a 5 per cent stake.

the company is now called principal pnb asset management company (in partnership with vijaya bank). amc is targeting to breach the rs10,000-crore assets under management figure over the next twelve months. currently, the company manages rs4,825 crore of assets. norman sorensen, president principal international, inc said the company is aspiring to be three times its current size in two years' time.

adb increase rural disbursements
new delhi: the asian development bank (adb) plans to double sanctions for the development of the rural sector for 2005-07 at rs11,500 crore. a large chunk of the total sum will be directed towards completion of various projects, under the government's accelerated irrigation benefits programme (aibp).

the spread coincides with the rural flavour in the united progressive alliance (upa) agenda. the common minimum programme (cmp) driving the upa government also emphasises on the aibp. adb chief economist and deputy country director sudipto mundle said the bank would focus on irrigation, rural finance, agriculture and water resource management projects.

icici bank plans aggressive growth in retail banking
new delhi: icici banks is targeting to retain over 30 per cent of the retail loan mart, which includes housing loans, vehicle loans, personal loans and credit cards. the bank is planning to grow aggressively by opening 60 more branches, this fiscal and aims to increase its retail assets to rs33,000 crore, in 2004-05. it recently received permission to open 60 more branches this fiscal and has 455 branches at present.

the bank recently launched a co-branded credit card with punjab & sind bank in new delhi. the bank is looking at opening branches in urban and semi-urban areas to increase its customer base, now at 10 million. apart from branch expansion, the bank would also open more atm counters. at present it has 1,780 atms. icici bank, listed on the new york stock exchange, has representative offices in us and branches in canada, uk, uae, china and singapore.

lic ups equity stake in icici bank
mumbai: state-owned life insurance corporation of india (lic), has raised its stake in private bank icici bank, india's second-largest commercial bank, to 10.09 per cent from 7.86 per cent, the national stock exchange (nse) said on friday.

centurion bank to release rs91 crore rights issue
new delhi: centurion bank is planning to come out with a rights issue worth rs 91 crore this july, which would raise its capital base to rs288 crore by september-end this fiscal. according to bank officials the record date for the rights issue of rs91 crore has been set at july 23, 2004 subject to necessary approvals and will be completed well before september 30.