Bandhan Bank Expands Presence in Mumbai with Acquisition of 12 Offices
Kolkata-based Bandhan Bank has made a strategic move to expand its presence in Mumbai by acquiring 12 office spaces in the city’s prominent Bandra-Kurla Complex (BKC). The bank purchased these offices from various sellers – Suraksha Realty, Neostone Developers, Orbit Enterprises, and Veera Associates – for a total sum of Rs 135.64 crore.
Bolstering Growth and Expansion Strategy
The acquisition of these office spaces comes as part of Bandhan Bank’s growth and expansion strategy. The new space, which spans across two floors and is almost four times larger than their current office in BKC’s Platina tower, will serve as Bandhan Bank’s corporate office in Mumbai.
Key Details of the Deal
The different sellers involved in the transaction were in possession of office spaces in INS Tower in BKC. Orbit Enterprises sold the bank a total of seven offices on the second floor of the tower, with a total value exceeding Rs 82.5 crore. Suraksha Realty sold three offices on the first floor for a cumulative price of Rs 31.38 crore. Neostone Developers and Veera Associates also sold one office each on the second floor. Additionally, the deal also provided Bandhan Bank with exclusive access to 31 car parking slots in the tower.
Strategic Importance for the BFSI Sector
Highlighting the significance of the move, a spokesperson from Bandhan Bank stated, “The bank is expanding its footprint rapidly in order to reach more customers. To support the growth of the bank, we are establishing various office spaces in various geographies. Our current office expansion in Mumbai is in line with the same plan and is seen as an important strategic location for the BFSI (banking, financial services, and insurance) sector.” Continued Growth and Performance
Bandhan Bank has been witnessing substantial growth across its business. In the quarter ending December, the bank recorded a 17% year-on-year growth in its total business, reaching approximately Rs 2.33 lakh crore. Additionally, the bank’s net profit jumped by an impressive 152% to Rs 733 crore during the same period. During the last quarter, Bandhan Bank added nearly 9 lakh new customers, pushing the total count to 3.26 crore across its banking outlets spread across more than 6,250 locations across the country. The bank has also been actively expanding its branch network, adding 400 new branches in the year ending in December. This includes the opening of a branch in the city of Kargil in Ladakh.
Looking Ahead for Bandhan Bank
As Bandhan Bank continues to focus on consolidating its position as a leading bank in India, its expansion into Mumbai’s BKC further solidifies its presence in one of the country’s major financial centers. The acquisition of these 12 office spaces allows the bank to cater to a broader customer base and provides it with the necessary infrastructure to support its future growth plans. Bandhan Bank’s progressive expansion and remarkable financial performance over the past year position the bank well for increased success and customer reach in the upcoming years.
