Tuesday September 26, 11:14 AM
Vijaya Bank plans acquisition in 2007
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By Sandeep Singh
Vijaya Bank plans to acquire a smaller bank during the next financial year. Speaking at a press meet, Vijaya Bank CMD Prakash P. Mallya said, "The bank will look towards acquisition of a slightly smaller bank in size after March 2007. The acquisition will be done with a focus of growing the business in the northern region." He also said that the bank aims to increase the number of branches from current 927 to over 1,000 and ATM count to 250-300 by March 2007. It is also looking at overseas expansion and has filed applications for branches in Dubai, China and Hong Kong. By December the bank will enter into life insurance sector with the joint venture it has with Principal PNB. Celebrating the platinum Jubilee year of the bank, Mallya said, "we have done well in the last quarter with profit of 72.6 crore which is up by 163 per cent over its previous quarter", adding that the bank is confident of achieving a profit figure of Rs 300 crore for the financial year 2006-07.
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