Mumbai-based Private Sector lender, Development Credit Bank (DCB) on Thursday clarified that the bank is not in discussion with any bank for merger

The private sector bank was responding to a recent report published in Financial Express, a reputed business daily, which stated that DCB is looking to merge with a large private or foreign bank to expand its business across the country.

Nasser Munjee, Chairman, DCB said that the bank will consider merger possibilities after 2009 when the country's banking sector is expected to open up for foreign players.

Last month, the bank had announced plans to raise 3-4 billion rupees during the current fiscal to fund its growth plans for the next 18 months.

The bank made its initial public offer of shares in October 2006 and now operates 80 branches. It has sought permission from the central bank to open 50 more branches.

The DCB reported a net profit of Rs 25.71 crore for the quarter to December 2007. Its revenue increased by 69% to Rs 175.48 crore.