Bandhan Bank appoints 5 merchant bankers for IPO

New Delhi: The Bandhan Bank on Tuesday said it has appointed five merchant bankers, including Goldman Sachs Group and JP Morgan Chase to manage, for its initial public offer (IPO).

"The size of the share sale, its timing and all other related aspects have not been finalised as yet. The final decision on the proposed IPO will be subject to all regulatory approvals," the bank said in a statement.

The other two merchant bankers are: Axis Bank, JM Financial and Kotak Mahindra Bank. Bandhan Bank is one of the two lenders which were given licence to operate as full fledged banks in 2014.

It commenced in August 2015. The new licences were given after a gap of a decade. The other one was IDFC Bank.

Bandhan Bank operates across 33 states and Union Territories through a network of 844 branches, 2,485 Doorstep Service Centres (DSCs) and 384 ATMs, catering to more than 11 million customers. It has a workforce of about 25,200 employees.

As per the release, Kolkata-headquartered Bandhan Bank has collected deposits more than Rs 24,500 crore and outstanding loan book is Rs 21,235 crore since its launch.

The bank had posted Rs 1,111.95 crore net profit for the 2017-18. It reported a 35 per cent rise in its net profit for the quarter ended June 30.