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ABN Amro wants RBI to unleash it on India

ABN Amro Bank expressed keenness to open more branches to tap huge business opportunities in India, provided the Reserve Bank of India grants permission to expand overall business.

"We see huge business prospect in India and to fuel our growth, opening of as many branches as possible is what we are looking into, provided we receive RBI permission," bank's Executive Vice President Paul Abraham said.

Abraham was talking to reporters on the sidelines of announcement of the bank's tie-up with Conservation Action Trust to initiate an environmental awareness programme in five schools of Mumbai.

The bank has 23 branches at present. It will open a branch in Nasik within this year, taking the total to 24.

However, according to the RBI guidelines, no foreign bank can open more than 12 branches in the country in a single calendar year.

The bank has reported to have sought a special power from the apex bank for expanding its micro-finance base to the untapped banking areas of the country.

ABN Amro has opened four branches recently to support export growth in the export clusters -Mangalore, Tirupati, Panipat and Aurangabad.

The bank, whose wholesale disbursal is on the rise, said it would lay more emphasis on further growth in the retail banking.



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