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Shailendra Bhandari | People don't save in savings accounts

Mumbai: Shailendra Bhandari, managing director and chief executive of ING Vysya Bank Ltd, doesn’t want to be a price warrior. He will not raise the savings bank accounts rate till some of the bigger banks do that. “The banks that raised rates believe they will get more money or just want to be defensive. I don’t think we will be defensive,” Bhandari said.

Growth trajectory: Bhandari says over the last eight-nine quarters, the company has registered good sequential growth. By Hemant Mishra/Mint

You have had a very interesting history of 81 years—the first Indian bank in which a foreign bank picked up a controlling stake. But to some extent, your bank looks schizophrenic. It had moved fast, then slowed, and is again moving now. Doesn’t seem to be very sure of what it wants.

You’re right in some respects. Vysya Bank was set up in 1930. And while in terms of assets we are small, we also have many branches. As regards our performance, I wouldn’t use a word like schizophrenia... The fact is that we have a long history. This is an old-generation private sector bank that was set up for the Vysya community—primarily traders who are concentrated in Andhra Pradesh and Karnataka, which explains why we are perhaps the largest private sector bank in terms of number of branches in Andhra Pradesh—180. Similarly, in Karnataka we have another 120-130 branches. We did not do much work with metro consumers or large corporates. Rather we worked with SMEs (small and medium enterprises). In 2002, ING acquired control. The culture changed accordingly.

And your business was affected, too.

The business actually did not move. It didn’t go down, but you are right—from 2002 to 2009, it was a golden period of banking and the whole market was growing at about 21-22%. There were a few who were growing by 31-32%, but ING Vysya was growing at half of that. As a result, we lost market share and this was because they were a lot of issues which came out in merger, the amalgamation, the consolidation.

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