Bandhan Bank spends Rs 160 crore to buy office space in Mumbai
Bandhan Bank has decided to build a corporate office in Mumbai while setting up a zonal office-cum-government business centre in New Delhi while it plans to expand beyond the eastern region where it is dominant.
The private sector lender has spent about Rs 160 crore to buy a commercial space in the country’s financial capital to build the corporate centre which will also house its treasury, managing director Chandra Shekhar Ghosh told ET.
The centre is being built on a 40,000 sq ft area in Mumbai’s Bandra Kurla Complex (BKC) and is likely to become ready in the fourth quarter of this fiscal, Ghosh said.
The bank is also building a back-office in Navi Mumbai in a rented 65000 sq ft space, he said. Its New Delhi’s zonal office will be important for liaison with government departments for doing government business.
Bandhan, which celebrated the completion of its eight years of banking journey on August 23, is also amid a branch expansion spree even as it is getting ready to expand its digital offering. Since January, it opened as many as 350 branches to take the tally to 1586 while plans are afoot to open another 150 by March next year.
Ghosh said Bandhan plans to diversify both geographically and portfolio-wise, while remaining committed to inclusive banking. About 56% of its presence is in the east and northeast.
“We need to create a wider physical presence in every geography to on board new depositors. This will help grow the retail depositor base,” Ghosh said. He said that digital expansion cannot happen without physical presence, which creates a trust factor among customers. About 95% of all the its transaction
The share of bank’s retail deposits was 71% of total deposits of Rs 1.08 lakh crore at the end of June while the share of current and savings account (CASA) was 36%.
Ghosh also announced a plan to start co-lending business, for which it will tie up with a couple of non-bank lenders.
