Meanwhile, Bank Brussels Ltd, part of the Dutch ING group, has upped its stake in the private sector bank from 10 per cent to 20 per cent, paying 50 per cent more than the Rs 100 the share was being quoted at. The additional equity is being issued by way of preferential allotment. The bank's NRI deposits for the fiscal was Rs 454 crore recording 16 per cent growth over the previous year. Its savings bank and demand deposits touched Rs 589 crore and Rs 652 crore respectively, marking 28 and 30 per cent growth.

The board has recommended a dividend of 35 per cent (free of tax in the hands of shareholders) that is currently awaiting RBI approval.

During the fiscal, net credit of the bank stood at Rs 2,782 crore recording an increase of Rs 211 crore (8.23 per cent growth).The bank's advances to priority sector stood at Rs 1,178 crore constituting an increase of 42.36 per cent as against the stipulated 40 per cent, while its exports credit was Rs 505 crore.

During the period, Vysya Bank's net profit from forex operations stood at Rs 26.68 crore, an increase of 69 per cent as against Rs 15.78 crore in 1997-98. During fiscal 1999-2000, the bank is geared up to reorganise its networks in to corporate and institutional banking branches, business finance branches, retail banking hubs and rural outlets.

The bank will launch its `Inter-City Current Account Programme' an IT-driven facility that will facilitate operation of an account from one or more designated locations.