Earlier in April 2012, Managing director and chief executive officer (CEO) Shailendra Bhandari ING bank stated that bank will not be opening much branches, but now it has reported that bank has decided to change its decision. ING bank will be initiating with 40-50 new branches every year from April. The bank wanted to grow 4-5% faster than the market in coming years.
Mr. Bhandari stated at a conference that the bank is trying to furnish and enhance the business through the current branches, but now they feel the need to establish new branches. They bank is aiming to invest more in new branches for current and savings account that will help them to expand their business.
The bank has decided not to pay the higher interest on the savings account. The bank’s loan book has shown an increment of 20%, and it is expected by the bank that there will be an ease in pressure of asset quality of the bank in coming few years.