IDBI Capital Market Services, a subsidiary of IDBI Bank, plans to setup a credit information entity through a joint venture with credit rating agency CARE.

The new entity, which would also be a subsidiary of IDBI Bank, will be setup with a capital base of Rs 2 crore and both firms will hold 50% equity stake in it. The bank is presently waiting for the RBI approval to begin operations.

Apart from this, the bank is also planning to venture into the mutual fund business either alone or through a joint venture.

It plans to float two separate entities. According to the bank officials, the first entity will be an asset management company, which will handle mutual funds, while the other entity will deal with private equity management. The company had already applied to RBI for approval for both these new entities about three months back.

Further, the bank is also planning to open five branches abroad, for which it is yet to get necessary approvals. The bank will open representative offices in Shanghai, Singapore and Bahrain and full-fledged branches in London and Dubai. It also plans to open 200 new branches in the country.

Market analysts expect that the bank would post a 25 percent credit growth in the current fiscal.