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Federal
Bank not to sell out in near term
Our Banking Bureau
19 June 2002
 Kochi:
Federal Bank,
which has been reportedly short-listed as a buyout target for
ABN-Amro Bank, says it will not sell out in near term. "We
have a critical base and an own brand. We are not interested in
any sell-out or strategic stake sell," says Federal Bank
executive director P R Sankaranarayanan.
Moreover, ICICI will
retain its close to 30 per cent stake in Federal Bank, though it
had merged with ICICI Bank. "ICICI has not come out with a
statement willing their exit from our bank; we also have not heard
from them," says Sankaranarayanan.
Federal Bank expects its
net profit to be in the range of Rs 85 crore to Rs 90 crore in the
current financial year — marginally up from Rs 82.01 crore a
year ago. "The economy is going through some hardships. We
have not fixed our net profit target as yet — it depends on so
many things," he says.
 The
bank, however, expects to report a gross profit of Rs 250 crore in
the current financial year. While Federal Bank plans to mop up
deposits worth Rs 10,350 crore in the current fiscal, it expects
to lend Rs 6,000 crore as advances in the current year, says
Sankaranarayanan.
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