Bandhan Bank takes steps to manage initial public offerings

Kolkata: The board of Bandhan Bank Ltd has decided to appoint Goldman Sachs Group Inc., JP Morgan Chase & Co., Axis Bank Ltd., JM Financial Ltd. and Kotak Mahindra Bank Ltd. as lead managers to manage its proposed initial public offerings. Kotak Mahindra Bank will act as the left lead in the issue. The size of the share sale, its timing and all other related aspects have not been finalised as yet. The final decision on the proposed IPO will be subject to all regulatory approvals.

The bank had posted Rs 1,111.95 crore net profit for the FY'18. The bank reported a 35 percent rise in its net profit for the quarter that ended on June 30, 2017 aided by high net interest and non–interest incomes.

Currently, Bandhan Bank operates across 33 Indian states and Union Territories through a robust network of 844 branches, 2,485 Doorstep Service Centres (DSCs) and 384 ATMs, catering to more than 11 million customers. It has a workforce of about 25,200 employees. Since its launch, the bank has collected deposits of more than Rs 24,500 crore and outstanding loan book is Rs 21,235 crore.

The Kolkata-headquarters bank has two divisions — General Banking and Micro Banking, offering a suite of retail financial solutions, including a variety of savings and loan products. The savings bank account interest rate is 6 percent for balance above Rs 1 lakh and 4 percent for balance up to Rs 1 lakh. For term deposits, the maximum interest rate offered is 7.25 percent for one year with an additional 0.5 percent for the senior citizens.