Financial Daily from THE HINDU group of publications
Tuesday, Jun 18, 2002
Financial Daily from THE HINDU group of publications Tuesday, Jun 18, 2002 |
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Money & Banking
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Foreign Banks Rabo bank to take off early next year -- To focus on growth sectors Our Bureau
The Managing Director of Rabo India Finance Pvt Ltd, Mr Rana Kapoor, (right) at a news conference along with Mr Hans Knijnenburg, Deputy Head, Economic & Commercial Section of Netherlands Embassy, in Kolkata on Monday.
KOLKATA, June 17 THE bank proposed to be set up by the Rabo group of Netherlands will be a commercial bank for all practical purposes, but will focus particularly on sectors such as food, life sciences and technology. The bank, which will come up in association with a select group of banking professionals, will be launched in early 2003. It will try to bring in a certain degree of product differentiation in terms of both banking products and technology application. "The proposed banking outfit, among the first to be cleared by the Reserve Bank of India in recent times after it started vetting banking applications afresh, will build on areas that have been identified as growth sectors in India," said Mr Rana Kapoor, Managing Director of Rabo India Finance Pvt Ltd. Rabo, he added, was the world's only `AAA' rated bank in the private sector. The Indian venture will be a conservative bank in many ways, maintaining strict credit discipline and following all prudential norms. Rabo India Finance, for its part, has been in operation for the last three years or so. It is now going in for fresh capitalisation — an additional infusion of $30 million has been cleared by the FIPB recently. ``We have had a profitable three years, handling structured finance and M&A deals. We have been closely associated with Tata Tea's acquisition of Tetley... more recently, we have incubated Barista, the coffee venture,'' Mr Kapoor stated. He was in Kolkata in association with a seminar on `Doing business with the Netherlands'' organised by the Indian Chamber of Commerce. The Netherlands had been trying to improve trade relations with India, officials from the Dutch embassy maintained. A number of Dutch companies, operating in various segments, are already involved in various Indian projects, and some more are inclined to associate with local groups. No definite project, however could be named at this stage, it was pointed out. Information technology, it was added, was a promising area of co-operation as Dutch companies considered India as a good sourcing point. Meanwhile, an Indo-Dutch seeds company is expected to sign an agreement with the West Bengal Government for setting up a joint venture project.
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