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A.J. Vinayak

Mr V.P. Shetty

Mangalore , Feb. 8

CANARA Bank is planning to open a branch in Hong Kong and a representative office in China.

In an informal chat with Business Line on Tuesday, the Chairman and Managing Director of Canara Bank, Mr V.P. Shetty, said the bank has a deposit-taking centre in Hong Kong. "This fully owned centre of the bank will soon be upgraded into a full-fledged branch," he said.

Mr Shetty was in Mangalore to visit the Founder's branch.

The bank is also thinking of setting up a representative office in China. Stating that necessary spadework has been done in this regard, he said, "We are waiting for the licence. It may come anytime."

The bank is planning to establish its presence in Bahrain. However, this may materialise after sometime. "There are some centres where in we are thinking of establishing our branches," he said. The bank already has a branch in London. Asked if the bank will expand its network of branches in the domestic front, he said it would not go for opening branches in a big way.

"In the present context of automation and computerisation when the delivery channels are being set up by way of ATMs, I don't consider the establishment of `brick and mortar' branches as something essential," he said.

The bank has more than 2,500 branches with presence in top 100 potential centres in the country. Of them, nearly 1,500 are located in rural and semi-urban areas. The bank will certainly open branches wherever it is absolutely necessary, he said.

Asked if the bank was eyeing any other banks for acquisition, he said, "As of today I don't have any such acquisition plans."

Mr Shetty said the bank was performing well in agriculture credit disbursements. "Though the Government guidelines say that every branch in rural and semi-urban areas should bring in 100 new borrowers, we have already crossed 150 borrowers per branch," he said, adding that the bank was planning to bring in at least 170-180 new borrowers per branch by the end of the current fiscal.

Fresh agriculture lending has crossed more than Rs 4,000 crore. "Though there is a deficit of about Rs 800 crore to cross the target, it will be achieved," he said.

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