The Hindu Business Line : Canara Bank to open branch in Hong Kong

Canara Bank, which is looking for a major overseas foray, is set to open a branch in Hong Kong. The bank has received the necessary licence from Hong Kong authorities and the branch will start functioning within the next two or three months, according to Mr M.B.N. Rao, Chairman and Managing Director.

The board of Canara Bank has given the go-ahead for opening 20 overseas branches and extensive surveys will be undertaken to identify the countries where they are to be located. The branches would be opened after getting licenses from the central banks of the respective countries and clearance from Centre and the Reserve Bank of India, he told Business Line.

On plans of acquiring other banks, Mr Rao said that the option is open and as and when the right opportunity comes up the bank would definitely look into it. It had acquired a few other banks in the past and gained experience in integrating the operations of the acquired banks with itself.

On the bank's preparedness to switch to Basel-II norms, he said it is well ahead in handling the tasks in the areas of credit and market risks. As for operational risks, the bank is in the process of putting together the required management information system.

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