The Hindu Business Line : Syndicate Bank plans overseas offices

SYNDICATE Bank, which registered a 40-per cent increase in business last year, is planning to open representative offices in Dubai, Singapore and South Africa in a bid to increase its NRI customer base in these countries.

Mr Michael Bastian, Chairman and Managing Director of Syndicate Bank, who visited the UAE to sign a rupee drawing arrangement with Redha Al Ansari Exchange Establishment, told Business Line that the bank has submitted an application to the RBI to open three representative offices overseas.

"We hope to obtain clearance within a couple of months, after which we will speak to the central bank authorities in the UAE, South Africa and Singapore. We are quite positive about the outcome and hope to finalise these developments within six months," he said.

While the representative offices will serve as contact and liaison points for the bank's clientele, they could be a precursor to opening branches in these countries, if the local bank apex authorities give permission in due course, Mr Bastian said. The bank has posted a 40-per cent growth last year with a similar growth in the UAE, he said. The new draft drawing arrangement will benefit the bank as volumes of transaction are expected to increase in the coming period. The rupee drawing arrangements entered into with Redha Al Ansari Exchange, which has 10 branches, will cover rupee demand drafts on 250 branches of Syndicate Bank in India. It is aimed at facilitating remittances by expatriates in the UAE.