Bandhan Bank planning to add 60 branches in 6 months

Bandhan Bank IS planning to open another 60 branches over the next 6 months as part of efforts to expand its presence across the country.

“Currently, we have 840 branches and by March it should increase to 900 across the country,” Bandhan Bank Managing Director Chandra Shekhar Ghosh told PTI.

As a result of this, he said, the bank would also add 2,000 people to the workforce.

Meanwhile, the bank has appointed five merchant bankers, including Goldman Sachs Group and JP Morgan Chase to manage, for its initial public offer (IPO).  “We have recently appointed five merchant bankers and the process of IPO has just started. We are not looking to go public this fiscal but may be next fiscal,” he said.  It should happen before August next year, he said.

The Reserve Bank of India’s guidelines mandated the bank to get itself listed within three years from the commencement of banking operations.

The bank started its operations in August 2015. The bank’s capital adequacy ratio stood at 26 per cent as on June 30.