Bangalore: The private sector Centurion Bank is planning to raise a tier-II capital of Rs 50 crore, and also open 14 new branches, its Managing Director Shailendra Bhandari said today (Oct 26, 2004).

The bank said the tier-II subordinated bond issue is slated for the current financial year.

The bank today formally announced the launch of its bank assurance products in Bangalore in partnership with Bajaj Allianz Life Insurance Company Ltd.

It would offer the entire range of insurance solutions, and insurance would be a key investment avenue for the bank's foray into wealth management services, officials said.

Speaking at a press conference, Bhandari said the bank is looking for growth both organic and inorganic. If there is synergy and useful valuation, the bank is open to the idea of acquisition, he added. "But there is no acquisition proposal on the table," Bhandari said.

The bank had an equity capital infusion of Rs 288 crore since February this year, he said. Officials said the sum included Rs 154 crore by a group of investors including Bank Muscat, Keppel Corporation, Sabre Capital Worldwide and Asian Development Bank.