15 April 2004 05:37
Canbank to upgrade HK arm, open rep office in China
New Delhi, Apr 15 (PTI) Aiming at about Rs 1,600 billion business this fiscal, Canara Bank will soon upgrade its Hong
Kong subsidiary into a branch and open representative offices in China and Dubai as part of efforts to broaden presence
in international markets. "The upgradation of Hong Kong office into branch level is expected within the next 2-3
months," Canara Bank chairman R V Shastri told PTI here. At present, Canara Bank, the third largest in assest size,
has a subsidiary Indo Hong Kong International Finance Company Limited in that country, which is mainly engaged in trade
finance. With Hong Kong subsidiary becoming a branch, Canara Bank would have two overseas branches, the other being in
London. It already has a joint venture with the State Bank of India in Moscow. The bank officials said Canara Bank would
also open a representative office in China within the next 5-6 months in view of the improving trade relations between
the two countries. Considering the vast Indian expatriate population in the Gulf, the bank would also open a
representative office in Dubai for which it had already applied to the country's central bank Reserve Bank of
India. At present, Canara Bank has an agreement with Al Razouki International Exchange Company, Leela Megh Exchange
Company and Thomas Cook Al Rostamani Exchange Company in Dubai for drawing Demand Draft (DD). (THROUGH ASIA PULSE)
[Press Trust of India] |
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