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Thursday, November 3, 2011

Dhanlaxmi Bank plans fresh capital infusion

Kochi, Nov. 3: The Thrissur-based Dhanlaxmi Bank has proposed to infuse fresh capital within the next 2-3 months. However, Mr Amitabh Chaturvedi, Managing Director and CEO, declined to give any figure on the amount to be pumped in. The infusion, he said, would be completed within the fiscal ending March 2012.

Speaking to reporters in connection with the launch of second series of Dhan Gold coins here, he said that a US-based lender had earlier evinced interest in putting money into the bank. However, Dhanlaxmi Bank had later called off negotiations as it was not comfortable with the ownership pattern of the US bank.

Despite being a late entrant in gold retail, the bank, which launched 5-gram and 10-gram ‘Dhan' gold coins in June, had sold about 200 kg of gold valued at Rs 450 crore so far. Buoyed by the success of its gold business, the bank has now launched gold coins weighing 2 grams, 8 grams, 20 grams and 50 grams, he said.

The foray into gold retail is a part of Dhanlaxmi Bank's overall strategy to be a leading provider of end-to-end investment products and services across banking verticals, he said.

Mr P.G. Jayakumar, Executive Director, said that the 24-carat gold coins are available in tamper proof packs at the Dhanlaxmi bank's branches across the country. The bank sees lot of potential in gold as an asset class. With greater disposable income and high inflation, investment in gold will allow investors to hedge and diversify their savings and investment portfolio, he said.


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