ABN Amro Bank has kept options open for acquisitions and plans to start mutual fund operations by this fiscal, its executive vice president Romesh Sobti said in New Delhi on Monday.
"Our plans to foray into mutual funds are ready. I hope, it will be done by December 31, or latest by March end," Sobti said on the sidelines of its maiden housing loan scheme launch in Delhi.
The Amsterdam-based ABN Amro Bank, which has assets worth $645 billion worldwide, has obtained the Securities and Exchange Board of India's permission to start mutual fund with a minimum capital of $5 million, he said.
The bank would hold 75 per cent stake in the asset management company while private players would have the remaining 25 per cent, Sobti said.
Click here to take today's poll
The AMC would come up with debt, equity and a balanced scheme to start with, he added.
He ruled out possibilities of the bank foraying into pension sector although the parent company was offering such services in some countries in Europe.
The bank was still eyeing acquisitions in India, Sobti confirmed, but declined to give names of the banks shortlisted by it.
Instead of inorganic growth, Sobti said the foreign banking major intends to increase its presence in 25-30 cities in the country from the present nine cities.
The bank's business was growing by about 45 per cent of which retail loan portfolio was surging by over 50 per cent.