Financial Daily from THE HINDU group of publications
Saturday, Mar 08, 2003
Financial Daily from THE HINDU group of publications Saturday, Mar 08, 2003 |
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Money & Banking
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Foreign Banks Markets - Mutual Funds ABN-Amro to float MF Our Bureau
MUMBAI, March 7 AS part of its expansion plans in India, ABN-Amro Bank will be floating a mutual fund, Mr Rijkman Groenink, Chairman, ABN-Amro Bank N.V., said today. Talking to presspersons here today, Mr Groenink said the bank hoped to float the asset management company before the end of this year. ABN-Amro had experience in managing large equity funds in the US and the Europe, he said. The bank would bring in the required capital, he added. Details including the quantum of capital infusion were yet to be worked out, Mr Romesh Sobti, Country Representative for the bank in India, said. Besides offering normal banking services, the Dutch bank is active in investment banking, trading in Government securities, broking and lease finance in India. Mr Groenink, who is currently on visit to India, sees the hike in FDI limit in Indian private banks to 74 per cent as the "fast road to growth'' for his bank in India. ABM-Amro, for which India is the fast growing market in Asia, considers acquisition as a strategy for future growth. Mr Groenink said the Budget measures offered an opportunity for foreign banks to grow their minority holding in Indian private banks. "We will explore this opportunity as it will be the fast road to future expansion,'' he said. Mr Groenink is, however, not in favour of a joint venture in the banking business. The group's growth strategy includes enhanced focus on retail and asset gathering activities, he said. ABN-Amro has 13 branches in India (including the one which was opened in Delhi on Thursday.) Responding to a question on pricing of banking products, Mr Groenink said pricing was not the first element in the bank's strategy. "Pricing is important within a band, but service quality and customer satisfaction are more important.''
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