Vijaya Bank eyeing banks in North for acquisition

Bangalore, Oct 18 (UNI) Nationalised Vijaya Bank is open to acquire a bank in the North or Western region of the country if any worthy proposal emerges, Bank Chairman and Managing Director Prakash P Mallya indicated today.

Talking to newspersons here, he said ''currently no bank is on our radar, nor we are in the radar of any bank for acquisition.'' Mr Mallya, however, did not rule out the possibility of Vijaya Bank figuring in any alliance that had become a trend in the industry.

Referring to the recent alliance struck by banks, including Indian Bank and Dena Bank, he said a few banks have approached Vijaya Bank for striking such an alliance. ''A few more bank alliances will come up in the country...Vijaya Bank has not taken the initiative. This will be good for the country as the economies of scale will improve,'' he added.

To a question, he said the bank had recently raised Rs 250 crore tier-II capital and had the potential to raise Rs 900 crore more.

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