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Canara Bank has achieved a milestone by opening its branch in New York.
It will be the bank's seventh overseas branch after London, Leicester (UK), Hong Kong, Shanghai, Bahrain and Johannesburg.
The branch was opened today by Consul General of India in New York, Dnyaneshwar M Mulay. The New York branch premises was inaugurated by R K Dubey, Chairman and Managing Director, Canara Bank.
A senior bank official told Business Line that the New York branch will have a staff strength of seven people, four from India on deputation and three hired locally from United States.
Overseas branches
Overseas business of the bank, which stood at 5.72 per cent as of March 31, 2014, is projected to increase to 10 per cent by the end of FY'15.
Speaking after opening the branch premises, Dubey said the bank has plans to open branches/offices in Germany, Dubai, Brazil, Tanzania, Japan, Nigeria and Qatar during the current financial year.
In addition to overseas branches, Canara Bank has a representative office at Sharjah and a joint venture bank in Moscow.
With the inauguration of New York branch, the bank now has presence in eight countries, namely, UK, US, Hong Kong, China, Bahrain, South Africa, UAE and Russia.
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