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Saturday, December 28, 2013

Canara Bank to expand overseas over next 2 years

Canara Bank is expanding its overseas presence and plans to add around 14 new branches in overseas locations over the next two years.

It also wants to increase the share of overseas business from about six per cent currently to 15-20 per cent over the next two to three years.

New branches

The bank, which currently has five branches and three representative offices overseas, is opening a branch in Johannesburg in the next three months, followed by those in New York, Dubai and Frankfurt by September 2014.

Another ten branches in Sao Paolo, Dar-es-Salaam, Tokyo, Abuja, Jeddah, Qatar, Sydney, Ontario, Wellington and Singapore are awaiting regulatory approvals, Canara Bank Chairman-cum-Managing Director R.K. Dubey said.

He added that after they all become operational, the bank’s target is to achieve 15-20 per cent share of the overseas business.

New circles

Speaking on their expansion plans within the country, he said that Canara Bank is adding eight new circles (34 at present) in Jalandhar, Gurgaon, Indore, Varanasi, Raipur, Kochi, Tirupati, and Salem by April 2014, and plans to increase the branch-network from the current 4,500 to 5,500-6,000 in the next two years.

A significant number of these branches will be in rural, semi-urban and un-banked areas, including in the regions of Naxalites or terrorist activity like in J&K, Gadchiroli and some parts of the North-East, he said.

In West Bengal, the panchayats have allotted 35 centres for branches at a rent of Re 1, while the Orissa Government is giving them 500 sq ft of space free of rent for 100 branches.

To cater to the expansion, as well as replace employees who will retire, the bank had recruited 8,000 people this year and will hire another 8,000 people next year.

e-lounge in Pune

Launching its second e-lounge in Pune circle, Dubey said that the bank has chalked out a plan to adopt over 60 villages across the country for integrated development.

“We want to develop a model village in each of our circles and 26 lead districts,” he said, adding that the initiative would include developing infrastructure like roads, solar lights and drinking water schemes in addition to promoting financial inclusion, and training youth for earning a livelihood.

In Pune circle, it has adopted village Ghangaldare, situated 102 km from the city. Dubey today handed over a demand draft of Rs 5 lakh to the village development committee as the bank's initial contribution to the scheme.

Source: thehindubusinessline


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