Andhra Bank [Get Quote] expects to open a branch in the United States in joint venture or partnership with other banks.

Addressing a press conference K Ramakrishnan, chairman and managing director, Andhra Bank, said that in order to cater to the business needs of the large number of Indians living in the US, they plan to have a foot print in the country in association with other banks.

When asked the names of the banks which Andhra Bank was in talks with in this regard, Ramakrishnan said that the plan was still in its infancy and no concrete decision has been taken.

However, declining to comment on the capital requirement to open a branch in the US, he pointed out it will not be possible for Andhra Bank to open a branch on its own due to the huge capital requirement.

The bank will have its presence overseas with opening up of its representative office in Dubai, which is expected to happen shortly.

Ramkrishnan said that the credit off-take has been good and expects its advances to grow by 30 per cent to Rs 23,283 crore (Rs 232.83 billion) during the current financial year.

"With good credit off-take, the capital adequacy ratio is expected to reduce to 10.9 per cent by the end of 2004-05, which at present is 12.11 per cent. Therefore we will raise tier I or tier II capital to enhance the CAR to 12 per cent," he added.