New Delhi, Sept 26: HDFC Bank today ruled out acquisitions or mergers at present but said it hopes to grow by 25-30 per cent in the next two-three years. "We do not need acquisitions for attaining our growth target," HDFC Bank Managing Director Aditya Puri told reporters here.

Even if the bank goes for M&A, it should match the scale, business strategy and philosophy, he said adding "there is no discussion with any bank at present and nobody has approached us". Puri also ruled out a public offer or rights issue saying "We do not need capital right now as our capital adequacy ratio (car) is more than 11 per cent which is well above the RBI stipulated nine per cent".

HDFC Bank, which is listed on NYSE, also expects its car to go up when the new international norm (Basel - II) comes up. Bureau Report