Andhra Bank plans to raise forex loan

June 18th, 2008 - 6:27 pm ICT by IANS  

Kolkata, June 18 (IANS) Andhra Bank plans to raise $125 million through a foreign currency loan immediately, which can go up to $300 million in the long term, its chairman and managing director K. Ramakrishnan said here Wednesday. “We will raise tier-II bonds of Rs.2-3 billion ($46.6-70 million) by December,” he said on the sidelines of the Banking Conclave 2008 organised by the Federation of Indian Chambers of Commerce and Industries (Ficci).

“The bank is looking at a 20-22 percent growth in loans and deposits during the current fiscal,” said Ramakrishnan.

At present, the bank has a total business of Rs.850 billion.

In the current fiscal it plans to add 80 branches in India to its existing 1,367 branches.

It is on the verge of setting up a representative office in New Jersey. “We are awaiting clearance, following which we will open our office over there,” Ramakrishnan added.

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