Tag: RBLBank

(Disclosure:I am market making in RBL Bank)

RBL Bank,earlier known as Ratnakar Bank, on Thursday said it had signed an agreement to become the principal sponsorand banking partner for Indian Premier League (IPL) teamDelhi Daredevils. As part of this association, the RBL Bank brand will now be seen on the Delhi Daredevils’ jerseys.

“I am personally excited with this association… This opportunity  gives us a fantastic platform to present our new bank brand to the audience. The Delhi team was a natural fit because of our growing presence in the NCR (national capital region),” Vishwavir Ahuja, managing director and chief executive officer, RBL Bank, said in a statement.

The bank and the cricket team plan to do various activities through and after the tournament to leverage this partnership. Some of the initiatives involving cricket fans have been planned by both the partners and will be announced soon.

The seventh edition of IPL started on Wednesday in Abu Dhabi, United Arab Emirates, and will return to India on May 2.

“The new management at the bank is a high energy team, and we feel the great synergies with the Daredevils are bound to take this partnership far. The bank is one of India’s fastest growing, which perfectly complements the fast pace of T20cricket,” Hemant Dua, chief executive officer of Delhi Daredevils, said.

GMR Sports, Delhi Daredevils’ franchise owners, is backed by the GMR Group.-from BS

 

(Disclosure:I am market making in Ratnakar Bank)

RBL Bank, formerly known as Ratnakar Bank, today said it has raised Rs 328 crore from a group of global investors.

Besides the capital injection by institutional investors, the private lender may hit the market with public offering for shares in 9-12 months, said Rajeev Ahuja, Head of Strategy at RBL Bank.

The capital infusion was led by CDC Group and Asia Capital and Advisors. The bank’s existing investors, including International Finance Corporation (IFC), private sector funding arm of World bank, and Gaja Capital, also participated in this round. This is the third time the private lender has raised money in the last three years.

At present, the Bank has a total business size of over Rs. 21,000 crore and offers its services to over half a million customers. Ahuja said bank has grown business – deposits and advances – by over 40% in 2013-14 and expects to maintain same pace in 2014-15.-from Business Standard

(Disclosure:I am market making in RBL Bank)

UK-based CDC Group has invested $28 million (Rs 167.3 crore) in private sector lender Ratnakar Bank, a transaction that will see the British development finance institution pick up a 4.8% stake in the Kohlapur-based, private equity-backed bank.

The proceeds will be used by Ratnakar Bank to expand its operations in newer geographies. The investment is also the first direct equity transaction in a bank entered into by CDC under its new investment strategy that was unveiled last year.

“We greatly value the confidence CDC has reposed in our strategy and our commitment to building a sustainable bank that has as one of its key objectives to providing financial services to the larger under-banked and unbanked parts of India,” said Rajeev Ahuja, head of strategy at Ratnakar Bank.

Ratnakar Bank, which has been undergoing a transformation to be a pan-India player, has been pursuing an expansion-focused strategy, based on financial inclusion, agribusiness financing and lending to small and medium-sized enterprises. It has a total business size of over $3.5 billion (Rs 20,917.8 crore) and offers its services to over 5 lakh customers, according to a press statement released by the company.

” We view this is as a unique opportunity to invest in an institution which has a real prospect of becoming a platform serving a population that CDC wants to reach and fostering financial inclusion, financing of SMEs and agribusiness,” said Srini Nagarajan, regional director – South Asia, CDC.

The private sector lender will now look to expand its services into a number of India’s poorer states, including, Rajasthan, Madhya Pradesh and West Bengal, where the penetration of financial services has, historically, been amongst the lowest in the country.

“CDC is strongly aligned with RBL Bank’s strategy to expand and provide a range of financial services to customer segments that are under-served by the market, and our stable investment approach will complement the company’s strong management team as they continue to implement the bank’s growth strategy,” CDC’s Nagarajan said.

The Indian banking sector is growing at a rate of 14% to 16% per year. However, according to reports published by the World Bank, more than two-third of the country’s population are yet have access to formal financial services, a massive hurdle that severely limits their ability to plan, save or borrow to improve their economic prospects.
“The potential impact of RBL Bank’s growth is significant. The bank’s branch network is set to double in five years, creating thousands of jobs, and we also anticipate significant job creation in semi-urban and rural areas through the agri-value chain financing and SME lending activities,” said Holger Rothenbusch, managing director – debt and financial instruments, CDC.-from ET