Dena Bank plans to spread wings overseas

Public sector lender Dena Bank has chalked out a plan to expand its presence overseas, Chairman and Managing Director Ashwani Kumar said.

“We have already got the approval from the Reserve Bank of India for opening a representative office in the UK. The permission of the Finance Ministry is awaited”, Kumar told reporters here today.

The bank is also planning to open its branches in the US and African countries, he added.

Kumar further said the bank plans to open a full-fledged branch in the UK, which would be through the subsidiary route.

Talking about its presence in India, he said the bank would open nearly 200 branches during the current financial year. Last fiscal, it opened 122 branches across the country.

He said the bank had requested the government for capital infusion of Rs 1,260 crore to boost the Tier-I capital.

During the current fiscal, the bank was expecting 16 per cent rise in deposits and 16 per cent increase in advances.

Source: thehindubusinessline