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Canara Bank plans to add at least 2-3 new foreign offices to its existing overseas network this fiscal, a top official of the bank has said.
Besides global expansion, the bank is also looking at a significant ramp up of its domestic branch network through addition of 250-300 new branches this year, Ms Archana S. Bhargava, Executive Director, said here on Thursday.
“New overseas branches attempted this year would be Japan in Far-East, Germany in Europe. Jeddah I would be able to do. South Africa I am in a state of preparedness,” Ms Bhargava told newspersons.
The bank is likely to open a branch in Bahrain next month, after which efforts will be made for opening a branch in Germany for which licence has already been obtained, she noted.
Branch network
Currently, the bank's total branch network stands at 3,300, of which 1,700 are rural and semi-urban branches.
Canara Bank's overseas presence comprises four branches one each at London, Hong Kong, Shanghai and Leicester. The bank also has an existing joint venture — Commercial Bank of India LLC at Moscow in association with State Bank of India.
Ms Bhargava also said that Canara Bank has already made a preliminary application for a branch licence in the US.
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