Jammu & Kashmir Bank will focus primarily on growth without diluting parameters of efficiency which the bank has institutionalised during the consolidation phase. In operational terms, the bank shall extend and expand its lending in J&K State not only to potential but all the under-serviced sectors of economy through innovative and customized asset products.
&K Bank Chairman & Chief Executive Officer, Mushtaq Ahmad stated this during his first series of deliberations and interactive sessions with the prominent Foreign Institutional Investors (FIIs) and reputed financial analysts in Mumbai.
He apprised the investors that the bank shall be reviving growth outside J&K and will be focusing on corporates to garner substantial business. He said, "With sound financial parameters, the Bank will renew and broad base its relationship with corporate India besides focusing on SMEs and specialized lending in rest of the country."
The Chairman assured the investors and the analysts that the management of Bank values their relationship and stays committed to maximize value for all its stakeholders. During the interaction, Mushtaq apprised the investors in detail about the developmental role that the bank plays in J&K in partnership with the state government and other financial institutions, corporates.
He said, "Credit potential in the State is vastly unexploited and untapped, which opens up attractive business opportunities that could yield higher and sustainable growth for the Bank."
By entering into the strategic partnership with the state government and other institutions in developmental projects, we shall be creating a sustainable base for the growth of the bank. That will, in turn, give a fillip to our lending activity in our state of domicile", he added.
The investors valued the chairman's assurance that the Bank would continue to soar new heights in profitability and overall growth under the new leadership. They expressed their confidence on the new leadership of the bank and hailed the ability of the new Chairman to take the bank to newer heights.
Meanwhile, with bank's reigns placed in the hands of responsible leadership with a vision, the issue of succession planning which was due in next year stands ably resolved. Since the leadership transition took place smoothly that too without interruption in business continuity, various quarters have appreciated it and have expressed their feeling that the bank can now exclusively orient and focus its energies towards maximizing the growth and value for all its stakeholders.
Notably, reputed FIIs hold around 30% stake in the Bank next only to State Government, which owns 53% of the Bank's shares.