Money & Banking

Canara Bank plans to expand overseas presence

| | Updated on: Jul 21, 2011

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.

> krsrivats@thehindu.co.in

Published on March 12, 2018

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