Dutch banking major ABN Amro said on Friday that it was looking at all possible options including acquiring a private bank and setting up a subsidiary to increase its presence in India.
The decision comes a few months after the government decided to raise foreign direct investment cap to at least 74 per cent in the banking sector and allow proportionate voting rights.
ABN Amro Bank NV senior executive vice president, Jan Peter Schmittmann said the bank, having assets of over euro 598 billion worldwide, will like to have 51 per cent stake and management control if it goes for acquisition. "We have shortlisted at least six banks," he said.
Schmittmann said ABN Amro Bank will look for banks, which have the spread where the Dutch foreign bank would like to foray into. Technology and other factors will not come in the way, he added.
"Once we select the right target, it will take couple of weeks to integrate," he said.
The announcement assumes importance in the light of ABN Amro Bank's views regarding this country. "India is the fourth major 'home market' for us after the US, Netherlands and Brazil," Schmittmann said.
ABN Amro Bank's Indian operations, having assets worth Rs 10,000 crore (Rs 100 billion), are growing at about 40 per cent and the bank targets to maintain it in the coming years, its country representative and executive vice president, Ramesh Sobti, said.
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