Syndicate Bank goes slow on fund raising plans: Media Report

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Public-sector lender, Syndicate Bank is going slow on additional capital raising plans as it thinks the present market conditions are not yet favourable, said the media report.

The bank has already got the approval of the Board to raise Rs 1,500 crore through qualified institutional placement (QIP) or through a rights issue to fund its expansion plans, according to Executive Director, M Anjaneya Prasad.

"Though the due diligence for this is complete, we are going slow," Prasad told media.

Meanwhile, the bank has introduced the concept of field general managers (FGM) with eight offices across the country that will become operational from November 1.

These offices will be headed by general managers to ensure quicker decisions on development and recovery activities, added the media report.

Besides, the bank was eyeing 18 per cent credit growth this year mostly fueled by expansion of retail and micro small and medium enterprises (MSMEs).

However, the Manipal-head quartered bank reported a flat growth in net profit at Rs 470 crore for the quarter ended September, 2013.

Read more about: syndicate bank
Story first published: Thursday, October 31, 2013, 9:13 [IST]
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