American Express Bank is open to acquiring Indian banks and mutual funds as part of the efforts to increase its presence in the country.

"If there is an opportunity, we will not hesitate to go for acquisitions (both banks and asset management companies)," K L Muralidhara, vice president and country manager, American Express TRS, told reporters on the sidelines of function in New Delhi to unveil its globally vaild E-credit card.    

However, he said, Amex was not in a hurry and had not firmed up any plans in this regard since it was comfortable with the organic growth at present.

This move comes in the wake of government liberalising the foreign direct investment norms in the private sector banks and easing the voting rights in respect of foreign holdings.

Asked on the plans to increase its presence across the country, he said the bank had branches in all the metros and had recently opened an office in Bangalore.

"We have got the approval from the Reserve Bank of India to open branches in Pune and Ludhiana," Mualidhara said.

About the over Rs 10,000 crore (Rs 100 billion) credit card business in the country, he said Amex was aiming 40 per cent growth in transaction volume this year as compared to the national average of 30 per cent.

Addressing the function, he said E-credit card, first of its kind in the industry, would enable customers to enjoy cost saving features and security measures.

The E-card, which has an introductory price of Rs 295, would also offer festive cash-back offer of 10 per cent on all the purchases made in the first 60 days, upto Rs 5,000 spent on the card till December 31, 2003.