Bandhan drops anchor in Delhi and Mumbai to drive growth
Bandhan Bank has decided to build a corporate office in Mumbai while setting up a zonal office and government business centre in New Delhi as it plans to expand beyond the eastern region where it is dominant.
The private sector lender has spent about ₹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 65,000 sq ft space, he said. Its New Delhi zonal office will be important for liaison with government departments for government business.
Bandhan, which celebrated the completion of eight years in banking on August 23, is also on a branch expansion spree even as it is getting ready to expand digital offerings.
Since January, the bank opened as many as 350 branches to take the tally to 1,586 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 eastern and northeastern regions.
«We need to create a wider physical presence in every geography to onboard 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.
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