The Hindu Business Line : Corpn Bank mulls overseas expansion under OIC alliance

Mangalore April 29 The OIC (Oriental Bank of Commerce, Indian Bank, Corporation Bank) alliance partners seem to be looking at using the OIC brand for their overseas expansion plans.

Replying to a query on the progress of Corporation Bank in opening its representative offices (RO) in overseas destinations, Mr B. Sambamurthy, Chairman and Managing Director of Corporation Bank, said the bank has got clearances from the RBI for opening a RO in Hong Kong.

In talks with partners

"We are having a close look at it, whether to open a RO or a branch. So we are talking to our OIC partners to see whether we can have a string of branches. We are in the process of identifying them. In the next few weeks, we may be able to zero down on some more locations, which we may open in association with our OIC partners. We are exploring under OIC brand," he said.

Asked about the progress in the launching of a product on reverse mortgage, he said Corporation Bank, in association with LIC, may launch it in a next few weeks.

The bank has operationalised 20 retail asset hubs for speedy disposal of retail credit proposals. Of this, 11 are independent branches.

This new model of credit delivery has enabled the branches to focus more on marketing.

The bank opened 66 branches during 2006-07. At the end of March 31, the total number of branches was 901 and ATMs were 929. All its branches have been brought under core banking solution, making it the first public sector bank to do so.

The bank is planning to cover 100 more villages under financial inclusion programme in the next 4-5 months.

At present, the bank has implemented the financial inclusion programme in 470 villages, he added.

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