The Hindu Business Line : Andhra Bank firms up Gulf expansion plan

Encouraged by the success of its first overseas representative office in Dubai opened last year and aiming tocater to the financial needs of the Indian workforce in West Asia, Andhra Bank has firmed up an action plan for a major expansion in the Gulf.

The bank is planning to set up its representative offices in Qatar and Kuwait in the near future and spread throughout the region over a period of time. Towards this, it has already initiated dialogue with the Indian Ambassadors in the West Asia and has also applied to the Reserve Bank of India (RBI) for permission. Once the RBI clears its applications, the bank proposes to approach the respective authorities of the Gulf countries.

"We have vast presence in Andhra Pradesh and Kerala. We kept this in mind when we wanted to expand our overseas operations over the next few years. Accordingly, we had zeroed in on West Asia, which has a huge workforce from Andhra Pradesh and Kerala, and opened our representative office in Dubai last year. Encouraged by the success of our Dubai operations, we felt there was a strong case for us to expand our operations to Qatar and Kuwait in the near future since we have large population from AP and Kerala working there. In the next phase, we plan to open representative offices in Muscat, Oman and Bahrain," the Andhra Bank Chairman and Managing Director, Mr K. Ramakrishnan, said.

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