Central Bank of India eyes overseas expansion

Public sector Central Bank of India today said it was planning overseas expansion with an aim to have a strong presence in various geographies.

"We have applied for approval from Reserve Bank for operations in Bhutan, Sri Lanka, Nairobi and also in Dubai... ", the bank Chairman and Managing Director S Sridhar, who would retire on May 31, said here.

Stating that the bank would look for a joint venture partnership with a local company having a strong presence, he said, "in Mozambique, we have a tie-up with a company which is a conglomerate. They are present in many sectors. For setting up the bank [in that country], they will have 24% stake while we will have the majority 76% stake".

The joint venture in Mozambique will require a capital expenditure of $10 million, he said.

He added that many companies looking to enter Mozambique because of its rich natural resources.

Also, the bank would be adding the "online trading" facility on its website.

Central Bank of India reported a 22.43% decline in its net profit at Rs 132.7 crore for the fourth quarter ended March 31. It had a net profit of Rs 171.06 crore in the year-ago period.

Source: Business Standard