The Hindu Business Line : Corporation Bank goes to Dubai in May

Mangalore, April 13 The Mangalore-based Corporation Bank will take its first step towards its international presence with the opening of a representative office in Dubai in the first quarter of this fiscal.

Mr B. Sambamurthy, Chairman and Managing Director of Corporation Bank, told Business Line that the bank has already finalised premises in Dubai and some local formalities are being done.

“We are, most probably, likely to open our representative office in Dubai by the end of May,” he said.

With the opening of representative office in Dubai, the bank is planning to serve the needs of non-resident Indians there. NRIs constantly look for investment opportunities, and seek lot of information on an ongoing basis. The office will interact with them and provide information, he said.

“Opening a representative office is a big step for Corporation Bank, because for the first time we are entering the overseas market. This presence helps us to give more comfort and better service to our customers,” he said.

When asked about the branch presence in the Gulf, he said running a branch office overseas requires a different set of skills. One needs to run the operation both as the branch and the bank. In such a situation, a representative office will help Corporation Bank get a feel, he said.

To a query on reverse mortgage, he said the bank is all set to launch its reverse mortgage product. “We will be launching the reverse mortgage product in the next one week,” he added.

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