Andhra Bank to raise Rs 400 Crores

 State-run Andhra Bank plans to raise up to Rs 400 crore through debt in the year to March 2008, its top official said on Thursday.

The bank plans to raise the funds by December through a mix of various debt instruments, Chairman and Managing Director K. Ramakrishnan told reporters on the sidelines of a banking conclave.

“We have a headroom of Rs 4000 crore in the Tier-2 segment,” he said.

Andhra Bank had a capital adequacy ratio of 11.3 per cent and expects advances to grow by 25 per cent and deposits by 23 per cent during 2007/08, Ramakrishnan said.

He also said the bank had applied to the central bank for approvals to open a representative office in New Jersey to cater to the Indian diaspora. It has a similar office in Dubai.

The bank expects its proposed joint venture bank in Malaysia with two other Indian state-run banks – Punjab National Bank and Bank of Baroda – will be formed by the end of the fiscal as reported on sify.

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