ABN AMRO shortlists six banks for starting operations in India
By Our Banking Bureau | 07 Jun 2003
New Delhi: ABN AMRO Bank is looking at various options for acquiring a private bank or setting up a subsidiary to expand its operations in India. "We are looking at all possible options of acquiring a majority stake in an Indian bank or setting up a subsidiary," Jan Peter Schmittmann, senior executive vice-president, ABN AMRO Bank NV, said after the launch of the bank's private banking operations in the New Delhi. "The bank would like to have a 51-per cent stake and management control if it goes for acquisition. We have short- listed at least six banks."
He also added that ABN AMRO Bank will look for banks that have the spread where the Dutch foreign bank would like to foray into. "Technology and other factors will not come in the way. Once we select the right target, it will take couple of weeks to integrate. The bank's presence in India is crucial as India is the fourth major home market for us after the US, the Netherlands and Brazil."
"ABN AMRO Bank's Indian operations, having assets worth Rs 10,000 crore, are growing at about 40 per cent and the bank targets to maintain it in the coming years," says Ramesh Sobti, country representative and executive vice-president.
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