• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Port Info

• Ships in Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• The Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Priya Nair

Mumbai , June 23

FIRST it was the turn of Indian corporates to set up representative offices and manufacturing units in China. Now it is the turn of Indian banks to set up offices in the dragon land.

Three Indian banks have recently received approval from Reserve Bank of India to open representative offices in China and many more may be waiting in the wings.

Allahabad Bank, UTI Bank and UCO Bank have got RBI permission for opening representative offices in China and are waiting for approval from the monetary authority in China.

Mr O.N. Singh, Chairman and Managing Director, Allahabad Bank, said, "A good number of Indian corporates have set up representative offices in China. There is lot of potential for import-export trade to and from China. That is why we are looking to open an representative office in Shenjin, in China."

The bank has also received RBI permission for a full-fledged branch in Hong Kong.

Currently, steel, pharmaceutical and textile manufactures are investing heavily in China. In fact, the entire South-East Asian region is a good upcoming market for Indian banks, Mr Singh said.

"We hope to have not less than $500 million worth transaction in one year's time from our overseas operations," he said.

UTI Bank is seeking permission for a rep office in Shanghai and a branch in Hong Kong. The bank has also got approval for four branches in Sri Lanka. "We are trying to get a small portion of the growing Indo-China trade," said a bank official.

UCO Bank proposes to set up one branch in Thailand and rep offices in China and Dubai.

State Bank is the only one that has so far received permission from Chinese authorities to open a branch in China.

Banks which have rep offices in China include Bank of Baroda, Bank of India and Punjab National Bank.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Monsoon advances into eastern UP

Copyright © 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line