Canara Bank inaugurates branch in New York

Canara Bank, a leading nationalized bank, has expanded its footprints in the overseas market by opening its new branch at New York, USA. This will be the bank’s seventh overseas branch after London, Leicester (UK), Hong Kong, Shanghai, Bahrain and Johannesburg. In addition to overseas branches, the bank has a representative office at Sharjah and a joint venture bank in Moscow. With the inauguration of New York branch, the bank now has presence in eight countries, namely, UK, US, Hong Kong, China, Bahrain, South Africa, UAE and Russia. The overseas business of the bank stood at 5.72% as of March 31, 2014 and is projected to increase to 10% by the end of FY’15. During the current financial year, the bank is also planning to open branches/offices in Germany, Dubai, Brazil, Tanzania, Japan, Nigeria and Qatar.