Bangalore, June 23
Canara Bank has opened a Representative Office at Sharjah, United Arab Emirates, which was inaugurated by the bank's Chairman and Managing Director, Mr A.C. Mahajan, on Sunday, according to a press release from the bank. The bank also manages two exchange companies in Dubai and Qatar.
The bank has Rupee Drawing Arrangement with 21 exchange companies and 16 banks in West Asia for channelising remittances to India.
The representative office in Sharjah will coordinate with branches in India for opening of bank accounts in India, for effecting remittance and facilitate investment activities in India. It will also facilitate extending all types of retail loan facilities, to NRIs in UAE, with the bank's branches in India.
The bank has branches in London and Leicester, the UK, Hong Kong and Shanghai, China, and also a joint venture with State Bank of India in Moscow, Russia.