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Bandhan Bank open for inorganic opportunities, to evaluate new businesses

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Kolkata, Oct 1 (IANS) Bandhan Bank on Monday said the lender is “open to explore inorganic opportunities” and “will evaluate” getting into new businesses such as insurance and mutual fund going forward under its holding company, which will help to dilute shareholding of the Non Operative Financial Holding Company (NOFHC) into the bank.

Reserve Bank of India (RBI) recently withdrew general permission to open bank’s new branches and froze the remuneration of the lender’s MD and CEO Chandra Shekhar Ghosh till further notice as the bank was not able to bring down the shareholding of NOFHC, Bandhan Financial Holdings Limited (BFHL), to 40 per cent, as required under the licensing condition.

According to RBI’s new banking licensing norms, any bank offering ‘universal’ services will have to bring down the promoter holding to 40 per cent in three years from the date of commencement of business.

The bank had completed three years of operations this August. The promoter holding in the bank currently stands at around 82 per cent after a successful Initial Public Offer (IPO), launched in March this year.

“As you are aware that we have come out with an IPO in March of 2018, whereby all existing shareholders, including BFHL are under lock-in for a period of one year till March 2019 as per SEBI regulations. So, till the time we are in lock-in, there cannot be any secondary sale by the promoter,” the lender said in a regulatory filing on Monday, referring to a conference call held on Saturday.

“And post this lock-in the shares will be available to freely trade. NOFHC, which is the holding company of the bank, as per the licensing conditions, after the three years of starting of the business, can get into other financial services business other than banking like insurance and mutual fund. So that option is available to us now that three years is over, and we will evaluate getting into these new businesses going forward which will help us dilute our shareholding of NOFHC into the bank,” said lender’s CFO Sunil Samdani during the call.

Further, in line with its strategy to grow business, which is microfinance, MSME and affordable housing, the lender will continue to grow its business organically, he said.

“We are open, however, if it makes sense and is in line with our strategy of MSME, micro and affordable housing to explore inorganic opportunities as well. So, a combination of this will help us reduce our shareholding,” Samdani said.

He said if it has to do any para-banking activities it “has to be housed under the NOFHC and not under the bank”.

As of June 2018 we already have 937 branches and the lender was pursuing a strategy to take this to 1,000.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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