Sury­o­day Small Fi­nance Bank en­ters North In­dia

The Hindu Business Line - - NEWS - KR SRIVATS

Sury­o­day Small Fi­nance Bank, which went live in Jan­uary 2017, plans to go pub­lic with an ini­tial pub­lic of­fer­ing (IPO) in the Oc­to­ber-De­cem­ber quar­ter next year, a top of­fi­cial said.

This small fi­nance bank, which is the first from Ma­ha­rash­tra to ob­tain a SFB li­cence from RBI, may also look to raise cap­i­tal to the tune of ₹175-200 crore this year to fund busi­ness growth, R Baskar Babu, MD & CEO, Sury­o­day told Busi­nessLine here. On Fri­day, Sury­o­day Small Fi­nance Bank en­tered the North In­dia mar­ket with the launch of two branches — one each at Saket and New Friends Colony — in Delhi.

“In Delhi, we want to be a large player five or six years from now. Our pres­ence here is with long term fo­cus. So we are R Baskar Babu, MD and CEO, Sury­o­day Small Fi­nance Bank

sow­ing the seeds now. Our ap­proach is not to en­ter a mar­ket with full force. We do it in­cre­men­tally. We have started with two to­day and next month will have one more branch at Noida and slowly build on it”, said Babu.

The bank will par­tic­u­larly look to build a strong pres­ence in the main met­ros of Delhi and Chen­nai be­sides the cur­rent strong pres­ence in Mum­bai.

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