A recent press report said that IndusInd Bank has planned to open at least 400 new branches over the next three years as part of its branch network expansion strategy.
Mr. Romesh Sobti, Managing Director and Chief Executive Officer, of the bank said that the bank has almost 310 branches and it is expected to go up to 425 by end March 2012 and about 700 by end-March 2014.
He made it clear that the bank was looking to grow only organically for now. He said that the bank was wedded to organic growth and that their growth drivers are clear and already defined. A lot of it will come from branch distribution and, hence, the bank has planned to focus on expanding it.
He added saying that the bank was looking at over 25 per cent credit growth this financial year and the bank was not in any manner affected by any economic slowdown.
The bank had recently signed a memorandum of understanding (MoU) with leading home-loans lender HDFC to sell the latter’s home loans for purchase, construction, extension and renovation of residences by individuals. It also offers personal loan, home loan, car loan, persona loan etc.