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ESAF Small Finance Bank eyes IPO, plans to open more branches

ESAF Small Finance Bank Ltd. is considering an IPO in 2021 and is planning to open more branches, The Hindu Business Line reported Jan. 9, citing K Paul Thomas, the bank's CEO and managing director.

The bank is looking at an IPO by June 2021, with the bank hoping to "hit the market at the right time," Thomas said.

ESAF Small Finance also plans to open another 165 branches in the current fiscal year and will expand into two new states in India, Gujarat and West Bengal.

Meanwhile, the bank entered into a strategic partnership with PNB MetLife India Insurance Co. Ltd. The agreement will allow ESAF Small Finance to offer the insurer's products to its customers through its branch network.