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Central Bank of India, which had limited overseas presence, has chalked out plans to expand into Asia and Africa.
Addressing a press conference here on Friday, Mr S. Sridhar, Chairman and Managing Director, Central Bank of India, said the bank has tied up with a conglomerate to set up operations in Mozambique.
This joint venture would require the bank to invest about $10 million (Rs 45 crore). The bank is awaiting RBI approval in this regard.
The bank already has a presence in Africa as it holds 20 per cent stake in the Indo Zambia Bank formed in 1984. The other two Indian banks that hold 20 per cent stakes each are Bank of Baroda and Bank of India; the Zambian Government holds the remaining 40 per cent.
Mr Sridhar said the bank is studying various options of setting up a base in Bhutan, Sri Lanka, Indonesia, Dubai and Honk Kong. Mr Sridhar said the bank wanted to have a footprint where other Indian bank have less or no presence.
Branch expansion
Central Bank expects to cross the 4,000-branches-mark by adding 250 branches during the current financial year. Almost 75 branches (30 per cent) of this would be set up in rural areas.
The bank also intends to upgrade all of its 250 extension counters into branches over a period of time.
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