Canara Bank, a leading nationalized bank, is reportedly planning to open 14 new branches in overseas locations over the next 2 years. Of which the bank will open one branch in Johannesburg in the next three months, followed by those in New York, Dubai and Frankfurt by September 2014. While remaining ten branches in Sao Paolo, Dar-es-Salaam, Tokyo, Abuja, Jeddah, Qatar, Sydney, Ontario, Wellington and Singapore are awaiting regulatory approvals. Currently, the bank has five branches and three representative offices overseas. The bank is also planning to increase the share of overseas business from about 6% currently to 15-20% over the next 2 to 3 years.
Canara Bank is India’s fifth largest Public Sector bank (PSB) in terms of assets. As on September 30, 2013, it had assets of around Rs 4,50,200 crore and advances of around Rs 281100 crore. The bank’s strong market position is underpinned by its market share of around 5.0 percent in deposits and 4.8 percent in advances as on September 30, 2013.
Canara Bank is India’s fifth largest Public Sector bank (PSB) in terms of assets. As on September 30, 2013, it had assets of around Rs 4,50,200 crore and advances of around Rs 281100 crore. The bank’s strong market position is underpinned by its market share of around 5.0 percent in deposits and 4.8 percent in advances as on September 30, 2013.
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